Shipping giant FedEx Corp. has taken a significant step towards enhancing its operational capabilities by joining the Hedera Council, which oversees the Hedera distributed ledger network. This partnership will see FedEx running a network node and actively participating in governance alongside an impressive roster of corporate members including Google, IBM, and Dell Technologies.
The decision is rooted in FedEx’s ambition to transform global commerce by moving away from traditional paper-based processes towards more efficient digital solutions. The company believes that the implementation of distributed ledger technology (DLT), including blockchain networks, offers substantial potential for optimizing supply chain operations.
Vishal Talwar, FedEx’s executive vice president and chief digital and information officer, stated that “the digital transformation of global supply chains is inevitable.” He emphasized the critical need for shared and verified data among multiple stakeholders, aiming to facilitate trust without compromising control or increasing risk. Talwar noted that Hedera serves as a neutral, enterprise-grade trust layer that can support verification on a global scale, allowing organizations like FedEx to innovate further in their offerings.
By joining the Hedera Council, FedEx aims to contribute its extensive operational expertise in logistics and commerce to help build a collaborative digital infrastructure for global supply chains. Tom Sylvester, president of the Hedera Council, commended FedEx’s involvement, highlighting that their insights will be crucial as the industry shifts towards more digitally-oriented supply chains. Together, the council members aim to advance interoperable data verification that fosters collaboration across various industries and regulatory landscapes.
The Hedera Council is known for its strong lineup of members, which not only includes tech giants like Google and IBM but also firms like LG, Deutsche Telekom, and Ubisoft. This collaboration stands to not only benefit FedEx but also push forward the wider adoption and development of distributed ledger technologies in diverse sectors.
Meanwhile, Hedera’s native cryptocurrency, HBAR, experienced a minor decline of about 1% recently, bringing its price to $0.094. However, it has shown resilience with a 7% increase over the past week, although it remains approximately 83% below its all-time high of nearly $0.57 reached in 2021.
