Supply Chain

Welcome to Thomas Insights — every day, we publish the latest news and analysis to keep our readers up to date on what’s happening in industry. to get the day’s top stories delivered straight to your inbox.

Joining more than 270 international members, FedEx has become part of Hyperledger, signaling that the shipping and logistics specialist is looking to become actively involved in the future of advanced blockchain technology.

Hosted by the Linux Foundation, Hyperledger also welcomed Honeywell International, Inc., Constellation Labs, Northstar Venture Technologies, BetaBlocks, and nine other general members alongside FedEx this September. The cross-industry open-source initiative serves companies and organizations from a range of different sectors, including finance, health care, government, and logistics.

The multi-project, multi-stakeholder project offers members 10 unique business blockchain and distributed ledger technologies, allowing companies to build powerful new applications, platforms, and hardware systems that support business operations with the use of Hyperledger’s enterprise-grade, open-source distributed ledger frameworks and code bases.

This high-power collaborative effort stands at the forefront of cross-industry blockchain-based technology advancements, Membership is diverse; involved parties include industrial leaders, specialized academic organizations, and the Government of Bermuda.

In May, FedEx CEO Fred Smith announced that he believes blockchain is the “next frontier,” destined to completely change global supply chains and the future of logistics. The Hyperledger community offers the company a chance to become involved in the future of this powerful technology.

The move to Hyperledger follows the courier’s previously established membership in Blockchain in Transport Alliance (BiTA) alongside GE Transportation, BNSF Railway, and JD Logistics. The newly formed Hyperledger group will focus on the utilization of blockchain technology to enhance transparency and security in shipping operations.

Previously, FedEx has partnered with Good Shepherd Pharmacy to investigate the potential for building new blockchain-based infrastructure in order to provide medications for cancer patients. The shipping giant is also a member of the Canada-based Blockchain Research Institute.

Kevin Humphries, senior vice president of IT for FedEx Services, echoed the CEO on the importance of blockchain for the future of the company. “We believe that blockchain has big implications in supply chain, transportation, and logistics,” he said.

Focusing on the technology’s “immutable, trustworthy” nature, FedEx’s proactive, forward-thinking approach illustrates the company’s confidence in blockchain’s potential to bring about highly reliable, efficient exchanges in the digital sphere.

The participatory nature of the Internet of Value (IoV) and the countless conveniences offered through cryptographic capabilities will likely serve as major boons to the shipper’s operations and services. And with sophisticated blockchain systems in place, suddenly the Big Data-based systems that FedEx is already utilizing — such as the company’s innovative SenseAware system — become even more efficient.

Resources:

Image Credit: Jarretera/Shutterstock.com

More from Business & Industry