FedEx is set to embrace blockchain-based platforms in its business, helping to create new industry standards for the industry.
The shipping company recently joined the Blockchain in Transport Alliance (BiTA) and has reportedly been working with the organisation in order to develop standards for blockchain ahead of the testing of various platforms.
FedEx is part of BiTA’s standards board, reports CoinDesk, and has already launched a pilot program that allows it to store data related to dispute resolution using blockchain. Through the initiative the firm hopes to determine how best to utilise the technology in daily operations.
Sale Chrystie, VP of strategic planning and analysis, said: “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.”