Category Archives: FedEx

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FedEx CIO Calls Blockchain “Inevitable and Essential”

FedEx Corp chief information officer, Rob Carter, has told the Wall Street Journal that he expects blockchain to become “inevitable and essential” within a few years, in terms of supply chain tracking and fraud prevention, as long as widespread collaboration happens.

Carter is a known proponent for blockchain standards in potential use case in transportation, believing the tech to be capable of reducing friction and creating authenticity as things move around networks. The blockchain data structure, which allows for the creation and sharing of a digital ledger of transactions, is also highly encrypted and immutable, making it extremely suitable to track movement across parties.

Research firm Gartner Inc also says that blockchain would support the global movement and tracking of USD 2 trillion goods and services annually in just four years. However, the caveat, according to Carter, is that industry components must cooperate and advocate for new regulations. One such collaboration is the Blockchain in Transport Alliance — an almost 500-member organization with including FedEx and United Parcel Service Inc.

Beyond the freight business, Carter also insisted that blockchain could result in more transparent and reliable shipments within aerospace, pharmaceutical, automotive and healthcare.

Meanwhile, even rival company DHL Express agrees on blockchain. Its head of international government affairs for DHL Express USA, part of Deutsche Post AG, Eugene Laney said:

“Blockchain could help consolidate that data, instead of having multiple, disconnected sources of information, speeding up the process and giving customers a better idea of when deliveries are expected. People could also use blockchain to automatically execute many transfers of packages such as those from airlines to truck carriers, and truck carriers to terminal operators and warehouses.”

 

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Poste Italiane Joins FedEx in Adopting Hyperledger Blockchain

Poste Italiane Joins FedEx in Adopting Hyperledger Blockchain

The Italian Postal Service has now joined multinational courier delivery services FedEx in adopting the Hyperledger blockchain.

Poste Italiane is now to use Hyperledger as part of its Deliver 2022 Business Plan in order to streamline its current mail services. Hyperledger is a collaborative project led by the Linux Foundation to create open-source standards for blockchain and Distributed Ledger Technology (DLT). It includes American Express, Cisco, Intel , JPMorgan, Deloitte, and Huawei.

FedEx came on board with Hyperledger in September 2018 with the company impressed that the tech had “big, big implications” for supply chains, transportation, and logistics, all areas crucial to the US postal giant’s worldwide operations.

A statement from Poste Italiane said that blockchain tech is “an effective response to the problems of security, transparency, interoperability, and privacy”. It follows a recent positive amendment to current Italian Senate definitions. Definitions have now been offered for DLT technologies and smart contracts, also that blockchain-based digital data will now represent a legal validation of content.

Once the amendment becomes Italian law, the technical aspects will be overseen by the Agency for Digital Italy and the Presidency of the Council of Ministers.

After signing a declaration with six other EU states this month to integrate blockchain into European economies, the Italian Government has also taken a bold step further by manning its new blockchain advisory board with 30 experts.

The board has been in the pipeline since September 2018 when the Ministry of Economic Development called for more government focus to “know, deepen and address the issue of distributed ledger technologies (DLT) and blockchain”, as well as increase public and private investments in this direction.

 

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FedEx, Good Shepherd Pharmacy to Use Blockchain for Cancer Meds Distribution

The FedEx Institute of Technology, which was created by the University of Memphis in February 2018, has partnered with Good Shepherd Pharmacy to create a blockchain-based platform called REMEDI which will help distribute cancer medicine to patients.

The CEO of Good Shepherd Pharmacy, Phil Baker, says, “In Tennessee alone, over USD 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.”

Essentially, REMEDI will keep track of cancer medications, and divert the medication to people that really need it instead of the medicine sitting stagnant on a shelf and eventually being thrown out. This is an example of how blockchain technology can help save lives.

Blockchain-based platforms have seen increasing use for supply chain applications. The technology increases supply chain transparency, security, and trustworthiness since it uses an immutable ledger to track goods as they move through the supply chain. A properly built blockchain ledger cannot be hacked by even the most powerful modern-day supercomputer, so users of the ledger can trust the information on it. Recently, the United Kingdom Food Services Agency successfully piloted a blockchain platform for tracking meat in a slaughterhouse, and blockchain technology can make supply chains for space exploration shorter and stronger, potentially saving vast amounts of money and accelerating space exploration.

The FedEx Institute of Technology will host a conference that will bring together blockchain experts so that they can discuss and collaborate to develop REMEDI. The CEO of FedEx, Fred Smith, says blockchain is “the next frontier that’s going to completely change worldwide supply chains”.

 

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