Global shipping giant FedEx has begun efforts to integrate blockchain-based platforms into its daily operations by joining the Blockchain in Transport Alliance (BiTA)
Freightwaves, a cargo shipping news organization, reported that FedEx had begun developing a set of industry standards for blockchain usage as part of the BiTA. The company, which joined the organization as a founding member, has already begun testing some blockchain platforms.
FedEx, which is part of BiTA’s standards board, launched a pilot program using blockchain to store data for dispute resolution, said vice-president of strategic planning and analysis Dale Chrystie. The project hopes to establish what data would be needed for a permanent ledger to ease disputes between customers sending and receiving goods through FedEx.
The shipping giant also wants to use blockchain to store its records, he said, expanding:
“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.”
Similarly, FedEx senior vice president of IT Kevin Humphries told Freightwaves that blockchain platforms would allow customers to more efficiently track packages, not only while they are in FedEx’s possession but also before and after the corporation picks them up.
While FedEx has only outlined a few possible use cases so far, Humphries said he was “hopeful that blockchain will have many use cases.”
FedEx plane image via Mike Fuchslocher / Shutterstock