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   612

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 Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   83

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.