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Blockchain for logistics is the hottest talk of the town, with multinational companies approaching for pilot programs and undertaking initiatives to expand power in the marketplace. American shipping giant FedEx, being a global leader in logistics and as a company known for its zeal to innovate and stay ahead of the arc has now joined Blockchain in Transport Alliance (BiTA).
FedEx has its reason to maintain a tab on technologies that can push better precision and information protection to logistics processes. The business came into the Blockchain ball because last year it experienced a high-profile cyber attack on its TNT express branch in Europe. Information specifies that the addition of TNT into FedEx operations would cost the company a huge $1.4 billion over the next four years a figure that was changed from an early prediction of $800 million.
VP of strategic planning & analysis at FedEx Freight, Dale Chrystie stated:
We are proud to be a founding associate of BiTA and the BiTA standards board, because we want to work on developing general standards around Blockchain technology in the transportation industry. We frequently try to enhance the customers experience, and Blockchain is tied to that. We try to make it easy for our customers to do business with us. Since the blockchain technology is about making data more secure and clear, we see that it holds a lot of promise.
Kevin Humphries who is senior vice president of IT at FedEx Services added FedEx has a long history of innovation in the logistics space since the beginning. The prime focus was to find innovative ways to provide that sort of visibility to our clientele that they can get all the information regarding the supply chain. And Blockchain is opening the door to that by giving clients even more visibility to their package before it gets in our hands and after it leaves our hands.
Companies like FedEx now have started realizing the amount of data that supply chains create every day and the potential of the existing data pile. In that regard, safety and transparency of data are of utmost importance, leading to the significance of blockchain.
Author's Bio:
Ricky Makan is a venture capitalist and Crypto Enthusiast best known for pioneering the market for Digital Marketing. He is a Co-founder of Unkrypted, a platform which provides the latest news and information that helps understand everything about the ever-evolving world of digital currencies.
