FedEx CEO: Adopt New Tech Like Blockchain or Be Disrupted

"Blockchain has the potential to completely revolutionize what's across the border."

Speaking at CoinDesk's Consensus 2018 in New York today, Fred Smith, chairman and CEO of the U.S. logistic giant FedEx, doubled down on his commitment to embracing blockchain technology as a way for the decades-old company to maintain its game in a rapidly changing digital world.

"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."

The FedEx chief praised the "Chain of custody" that blockchain can bring to the entire logistic industry.

All this talk isn't just hot air, either - FedEx joined the Blockchain in Transportation Alliance in February this year in a bid to explore potential blockchain applications alongside other partners within the logistic industry.

The shipping giant also wants to use blockchain to store its records.

Answering a question from the panel's host, author Don Tapscott, on how he persuaded Smith to approve the decision on blockchain exploration, Carter said it was the other way round.

"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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