FedEx is one of the many global entities that have publicly acknowledged the power of blockchain technology. During the 2018 consensus conference in New York in May, the CEO of FedEx, Fred Smith, admitted that blockchain has “big implications “ to the supply chain and that it is time for businesses to consider the integration of this new technology – or risk “probable extinction”
New FedEx Partnership
Just yesterday, news outlet Commercial Appeal issued a report that revealed plans by FedEx to use blockchain in the supply chain of medication for cancer patients. The announcement outlined plans by the FedEx Institute of Technology to partner with Good Shepherd Pharmacy in order to develop a blockchain-based infrastructure, which will be used to distribute medication to people with cancer.
The FedEx Institute was launched earlier this year in February as an initiative by FedEx to promote interdisciplinary research at Memphis University, while also enabling research and infrastructure development in emerging technologies.
Furthermore, Good Shepherd Pharmacy has also recognized the potential of Blockchain and hopes to use it as a means to retrieve unused medication from patients. Since Good Shepherd Pharmacy is a Memphis-based company, the blockchain’s immutability and decentralization will be used towards the safe and reliable distribution of medical information in the Memphis area.
Furthermore, to encourage participation in the development of the platform, the announcement pointed out that FedEx will host a Blockchain 901 event that will help expand the workforce of Memphis University towards the project. As a result of the planned Blockchain 901 event, FedEx hopes to have professional blockchain experts and enthusiasts at the event, discussing the initiative with Good Shepherd.
Enabling Reliable and Sustainable Cancer Treatment
According to the CEO of Good Shepherd Pharmacy, Phil Baker:
In Tennessee alone, over $10 million worth of perfectly good prescription medication gets flushed down the toilet every year. Blockchain is the solution for that problem. The REMEDI project (REclaiming MEDicine) will divert valuable medication into the hands of patients who would not otherwise use it
As a result, this imitative will not only help save resources, but it will also enable more reliable treatment strategies for cancer patients – and eventually end up saving lives. In this regard, Smith has once again mentioned his appreciation forbBlockchain technology as “the next frontier that’s going to completely change worldwide supply chains.”
This new partnership will see FedEx join the likes of Microsoft, who have already launched medical supply tracking initiatives powered by blockchain technology.
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