FedEx CEO: adopt technology like blockchain or go extinct

16 May, 2018
by Ryan McInally
News
FedEx CEO: adopt technology like blockchain or go extinct

In a panel discussion made today at Consensus 2018, FedEx’s chairman and CEO, Fred Smith reinforced his belief that blockchain presents the ability to revolutionize the supply chain management industry.

According to Smith, “For cross-border shipments, 'trust' is legal requirement for every transaction. What blockchain has is a potential for the first time ever to make the information available for everybody." FedEx has made steps in the past few months to explore potential blockchain applications alongside partners in the logistic industry. According to CoinDesk, FedEx is looking into a distributed ledger to improve the time it takes to send and receive shipments through FedEx.

Smith reiterated his belief that companies need to embrace new technologies if they want to survive when he said, "If you are not operating at the edge of new technologies, you will surely be disrupted. If you are not willing to embrace new technologies like internet of things and blockchain to face those new threats, you are, maybe subtly, at some point ... going to extinction."

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