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FedEx Signs Agreement With BiTA to Enhance Security and Transparency

FedEx Partnership with BiTA to enable it utilize blockchain tech to improve logistics

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FedEx, a major multinational corporation, has always been eager to adopt new technology and stay ahead of the curve. Its latest partnership with BiTA will help it achieve just that. Through this partnership, it will be able to utilize blockchain technology for logistics planning. The blockchain has the potential to help FedEx improve its transparency and data security. This partnership comes in the wake of a cyber-attack on its TNT express service in Europe a year ago.

According to analysts, if FedEx were to integrate its operation with TNT, it would come at a whopping $1.4 billion cost to them over just four years. This number was revised upwards from an initial estimate of $800 million over the same period.

What FedEx Leadership Had to Say

In a recent interview with the Vice President of strategic planning and analysis at FedEx Freight, Dale Chrystie, he said the company was proud to be a founding member of BiTA (Blockchain in Transport Alliance). He said they wanted to be able to play a key role in the development of common standards around blockchain technology for the transportation sector.

Mr. Chrystie added,

We continually try to enhance the customer’s experience, and blockchain is tied to that. We try to make it easy for our customers to do business with us. Since the technology is around making data more secure and transparent, we see that it holds a lot of promise.

He also noted that the company had a long history of innovation in the logistics space. He explained that one of the major focuses had always been to provide customers with a way to get all the information they needed along the supply chain. He said that blockchain technology was helping them achieve that.

Blockchain technology has many parallels to the time when people began to realize how much potential the Internet held. Companies are starting to realize the amount of data they generate along the supply chain. Besides that, they are starting to realize the potential benefits of the huge amounts of data that they hold. In that regard, ensuring that the data is safe and visible has become a priority for them. With blockchain, this can be relatively easy to achieve. Chrystie explained that the company generates millions of records on their systems on a daily basis. He said that with the blockchain providing security, it could help to revolutionize the logistics sector.

Potential Applications for Blockchain

Mr. Chrystie added that they would utilize the technology to some pilot programs that they already had in mind. One of the first projects for which they would utilize the technology will be dispute resolution. With these pilot programs, the company will be able to expand its knowledge of the technology and implement it across various platforms.

Image Credit: Deposit Photos

What do you think about the FedEx partnership with BiTA? Leave us your thoughts in the comments section below.

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