In the coming years, blockchain will establish itself as an "inevitable and essential" solution for tracking goods and reducing supply chain fraud, FedEx CIO Rob Carter told The Wall Street Journal.
"We think this is something that radically reduces friction and creates authenticity as things move around our networks," Mr. Carter said. At FedEx, Mr. Carter aims to use blockchain to track freight for supply chain that is outside of the company's ownership.
Blockchain can also bring more transparency and reliability when shipping goods across the aerospace, pharmaceutical, automotive and healthcare industries, according to Mr. Carter.
FedEx is looking for regulators to develop new standards and rules that would support wide blockchain adoption. Mr. Carter hopes regulators will develop a set of protocols to use blockchain for delivering packages across borders.
By 2023, blockchain is anticipated to support the global movement and tracking of approximately $2 trillion in goods and services annually, according to technology research firm Garter. Blockchain is expected to be used for tracking raw materials, spare parts, finished goods and service-infrastructure for maintenance and repair.
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