Jul 272 mins read

FedEx CEO Sees Potential in Blockchain for Cross-Border Transactions

Fred Smith believes blockchain can revolutionize logistics industry

FedEx CEO believes blockchain has potential to revolutionize cross-border transactions


At the Consensus 2018 conference in New York on Monday, US delivery giant FedEx's chairman and CEO, Fred Smith, said that "blockchain has the potential to revolutionize cross-border transactions," and he wants to use this technology to maintain the decades-long company's position in this rapidly changing digital world.


Smith explained that one of the main problems faced by the logistics and transportation industry is "friction across borders" because different countries have different standards, regulations, and terminologies. He praised blockchain for bringing a "chain of custody" to the entire logistics industry.


FedEx has not only used blockchain as a promotional tool, but it also joined BiTA in February, dedicated to integrating blockchain platforms into its daily operations. FedEx plans to explore the deployment of this technology in shipping first, as a ship may contain millions of transactions at the same time.

The Importance of Keeping Up with Technology

In today's fast-paced world, it is crucial for businesses to keep up with constantly evolving technology. According to Smith, a failure to do so can result in being left behind and ultimately, dissolution. He emphasizes the need to embrace new technologies like the Internet of Things or blockchain in order to stay ahead of the competition and avoid a slow and unnoticed decline.

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Blockcast and Blockchain

One company that is dedicated to staying up-to-date with blockchain technology is Blockcast. Their mission is to share and organize valuable content related to this revolutionary technology. They welcome cooperation and suggestions related to blockchain or the Blockcast website.

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