FedEx to Improve Transparency and Security via Blockchain

FedEx is developing a few blokchain pilots to make sure it has an edge in the technology
01 February 2018   1431

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.

 

Dale Chrystie

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.

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   86

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.
 

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.