FedEx, the global leader when it comes to logistics and shipping services, is all set to make use of blockchain technology to improve their services. The Blockchain revolution has influenced many major businesses of late and everyone wants a piece of the blockchain pie. FedEx is working with BiTA (Blockchain in Transport Alliance) for implementing the blockchain system into their business.
BiTA is basically a group of freight, shipping and logistics companies which have come together to implement blockchain technology in their businesses. FedEx is all set to bring a revolution in the logistics industry as the company is now working on setting industry standards for blockchain use in BiTA. FedEx was one of the founding members of the BiTA platform and continues to be one of the most active names and a part of their standards board.
FedEx launched a pilot program making use of the blockchain technology to store data which will help them with dispute resolution. With this project, FedEx aims at understanding the type of data that needs to be recorded in the blockchain for resolution of disputes.
“We have millions of records a day in our system, and we think of blockchain as a secure chain of custody that could transform the logistics industry. We believe it holds a lot of promise in that space and would streamline all that data exchange in a very secure way.” - FedEx Freight vice president for strategic planning, Dale Chrystie.
Over the years there have been many such dispute resolution issues which have arisen in the logistics industry. Customers are often left in dark about their delivery and have a hard time tracking their shipping. Providing a better access to data is the key to solving this problem and it appears that FedEx’s pilot program is all set to ensure better resolution of disputes.
FedEx believes that there is a major need for the company to provide a better transparency to their customers. FedEx Services’ senior vice president of IT Kevin Humphries highlighted the importance of delivering complete transparency with this blockchain project: “And blockchain is opening the door to that by giving customers even more visibility to their package before it gets in our hands and after it leaves our hands.”
This is indeed an interesting change which is bound to bring forward a much needed boost in transparency in the logistics and shipping industry!