Founder of FedEx Strongly Believes Blockchain Technology Will Redefine the Shipping Industry

FedEx founder, Fred Smith was one of many business leaders that expressed increased belief in the blockchain technology during the Consensus Conference held in New York City.

Several figures from varying industries attended the Consensus Conference. In particular, Smith declared that the Distributed Ledger Technology (DLT) will be the main factor to help distinguish FedEx’s services and to give it the edge it needs to stand strong against its competitors. He went on to say that, “For cross-border shipments, trust is legal requirement for every transaction. What blockchain has is a potential for the first time ever to make the information available for everybody.”

The shipping industry is believed to benefit the most by incorporating blockchain technology, as it has the ability to increase efficiency rates by reducing “bureaucracy, papers and other procedures” that might traditionally add onto operational costs.

Along with Smith was FedEx’s CIO, Robert Carter, who also expressed positive remarks in relation to blockchain technology by stating the following,

“We move easily 12 shipments a day… while we absolutely believe this technology is going to scale, right now it makes sense for use to do this in our freight world.”

As per the recent news surfing, competitors within the shipping industry, mainly, IBM, Maersk, JM Baxi, APL, and Accenture are some of many who are working with blockchain technology. Such firms are also taking the necessary steps to reduce bureaucratic procedures as their first endeavour.

Eddie NG, Head of Strategic Liner Management at APL went on to explain that eliminating traditional paper-based transactions and replacing them with digital implementations can not only promote efficiency, but also induce safe, secure and faster processing rates “along the entire supply chain”.

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