Thousands of companies around the globe are slowly transitioning to blockchain technology. Interestingly, the shipping and delivery industry is leading the way when it comes to real-world uses for blockchain technology. Earlier in the year, UPS applied for a blockchain patent to make its deliveries safer, faster, and more cost effective.
Through its new patent, UPS will be able to trace parcels more efficiently and speed up delivery times. It appears as if FedEx has grown weary and wants to protect its future by joining the incredible list of firms using blockchain technology. FedEx has joined the Hyperledger Hub – along with 270 other firms – to help implement blockchain technology into its operating structure.
Deliveries On-Chain
A number of firms have hinted at putting their delivery process on-chain, as blockchain solutions are becoming much more prominent. Walmart has filed for a blockchain patent for its delivery process – a patent that will mean robots could very well deliver purchases in the future. By putting the delivery process of goods on a blockchain, companies are ensuring that items can’t be removed from the delivery process until final delivery is successful. This should make lost parcels and misplaced deliveries a thing of the past.
Blockchain Gaining Traction
It isn’t just delivery firms looking to blockchain for a solution to various problems. Manufacturers are also starting to use blockchain technology to ensure that products don’t go missing in the manufacturing process. Richemont has decided to put its diamonds on a blockchain to ensure they go from mine to factory without incident. Each diamond will have its own unique key laser etched into it, which can then be verified using a blockchain explorer.
Elsewhere around the globe, the Wuchang province in China has decided to put its rice on a blockchain. The move comes as imitation products are beginning to saturate the market and deflate the price of this particular form of premium rice.
FedEx Preparing for the Future
The future of the delivery and shipping industry is undoubtedly heading towards using blockchain technology. FedEx is hoping to get ahead of the curve by joining this group and implementing its very own blockchain system. If it succeeds, it will be able to trace parcels in real time, as well as prevent parcels from getting lost in the system.
This technology could also be used to help speed up the delivery process, especially at sorting warehouses. If implemented correctly, it could save the company millions of dollars a year, giving the company’s stock price a shot in the arm.
Blockchain solutions are definitely the future, and companies like FedEx are starting to recognize this. As these firms join the blockchain revolution, more people will be using blockchain technology in their day to day lives – enhancing the mass adoption of the technology.
