FedEx, a multinational courier delivery services company, has partnered with the Blockchain in Transport Alliance (BiTA) to improve transparency and data security to logistics processes through blockchain technology.
The company comes into the blockchain sphere in the wake of a high-profile cyber attack on its TNT express branch in Europe last year. Reports indicate that the integration of TNT into FedEx operations would cost the company $1.4 billion over the next four years - a number that was revised from an initial forecast of $800 million.
We are proud to be a founding member of BiTA and the BiTA standards board because we want to work on developing common standards around blockchain technology in the transportation industry. Since the technology is around making data more secure and transparent, we see that it holds a lot of promise.
Vice president of strategic planning and analysis, FedEx Freight
FedEx is also looking to work on some blockchain pilot programs to make sure it has an edge in the technology. Pilot programs help the firm grow its knowledge of technology implementation across different platforms and also in understanding its scalability and performance characteristics, the company said.