FedEx partnered with two other shipping giants, DHL Express and UPS, to become a part of the Blockchain in Transport Alliance (BiTA) and employ the technology to track goods and prevent counterfeits in their supply chains.
The FedEx CIO Rob Carter requested the government during the Blockchain Global Revolution Conference held in Toronto Canada to put into practice the mandated and authorized tech standards for the global shipping industry in order to enable authorities to effectively track the origin of products, prevent the trafficking of the counterfeit and prohibited products.
Rob wants the public to use distributed ledger technology instead of the existing digitalized documentation transfer systems since they can’t present real-time data. If the shipping world was to implement and assume a mandated solution, then an even and smooth space would be created to benefit the entire industry while moving slowly away from the branded and proprietary systems. The three companies in question are also using blockchain to carry out their shipping services.
Since most governments take their time to implement the proposed changes, the shipping giants are willing to cooperate with the government authorities such that this can be integrated as soon as possible. In case the standardized system if effectively put into practice, it could possibly bring a mainstream adoption of innovative technologies including cryptocurrency, smart contracts and others.
In September 2018, FedEx joined an open-source project known as Hyperledger which is created to enhance cross-industry blockchain and distributed ledger technologies. This cooperation will allegedly create industry-grade uses, platform networks and effective hardware systems.
However, these shipping elephants are not the only ones exploring blockchain technology for their field. Italy explores the innovation to protect Made in Italy goods overseas. The country has invested a lot of funds to uplift the technology since it has the potential to protect, elevate and promote Made in Italy goods especially those being exported abroad. The textile industry in the country uses this nascent tech to verify, track, and prevent counterfeiting of the fashion and textile products.
Also, Ford Motors is working on a project that will enable them use blockchain technology to track the supply chain of cobalt. In January this year, the company launched blockchain on IBM to improve on the transparency of the cobalt supply chain – track and verify legally obtained minerals for the automotive & consumer electronics field.