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The Big Implications of Blockchain

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“We’re quite confident that (blockchain) has big, big implications in supply chain, transportation and logistics. In the area where FedEx makes its living, this could be a big deal.”

That’s what FedEx CEO Fred Smith told the Consensus 2018 conference in early May. The blockchain technology Smith is excited about was touted by many at the Consensus conference, and could be applied in a range of industries. Steven Norton reports for The Wall Street Journal:

Speaking at the Consensus 2018 conference, panelists described how distributed ledger technology could create an immutable data source that identifies 3-D-printed parts down to the machine that made them, the technician who worked with them, and the atmospheric conditions under which they were produced.

Firms throughout the supply chain could use that data, shared on a common, unalterable ledger, to certify the provenance of parts, ensure they were manufactured properly, and quickly identify the source of any defects.

“Right now it takes companies months to go through papers to distill where the fault is,” said James Regenor, business unit director for transformative technologies at Moog Inc., which manufactures systems and components in the aerospace, defense and industrial sectors, among others. A distributed ledger could create a trusted — and ideally unbiased — source of information for manufacturers and their customers throughout the supply chain.

“Because we have audit trails, we don’t have to have the part in front of us to trust that it was built the right way,” Mr. Regenor said.

Large firms are experimenting with blockchain to track food through the supply chain. The technology could prove especially helpful during recalls or other food safety scenarios, allowing firms to figure out the source of an offending item during a recall. FedEx Corp. on Monday said it was developing technology that would allow it to monitor shipments beyond its own tracking systems.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.