FedEx Corp has formally joined the Hedera Council, becoming a governing member of the decentralized network to digitize global supply chains and move operations “on-chain.”
FedEx Corp. can now make governance decisions for the Hedera council after it joined the decentralized network.
Since the announcement of the partnership, Hedera’s native utility token, HBAR, has climbed over 7%. The HBAR token now trades around $0.097 per unit at the time of publication.
HBAR token price. Source: CoinMarketCapHow does FedEx plan to use Hedera’s technology?
FedEx Corp has officially joined the Hedera Council in order to integrate enterprise-grade blockchain technology into the world’s most complex supply chains. As part of the agreement, FedEx will not only use the technology but will also play an active role in the governance of the Hedera network.
Hedera’s native utility token, HBAR climbed over 7% within a 24-hour period, with price hovering around $0.097. The token’s market cap is also up 7.4% to $4.19 billion.
It is also seeing renewed interest from institutional and retail investors.
Currently, shipping goods across borders involves multiple jurisdictions, various sets of paperwork, and manual verification processes, but now with Hedera’s public distributed ledger, FedEx is creating a shared, trusted platform where data can be verified instantly by all parties without a central authority controlling the information.
Under this system, every time a package moves or a document is signed, a digital fingerprint of that action is recorded on the Hedera ledger. Because the ledger is decentralized and immutable, no single party can change the records, providing a high level of trust for customs officials, partners, and customers.
Vishal Talwar, the Chief Digital and Information Officer of FedEx Corp, said that the digital transformation of supply chains is “inevitable.” He stated that logistics operations require a way to share data across many parties without increasing security risks as they become digital-native.
Hedera’s architecture allows FedEx to keep its sensitive operational data private within its own systems while only posting the necessary “verification” data to the public ledger.
FedEx will provide the computer hardware necessary to help run and secure the blockchain.
As a Council member, FedEx holds an equal vote alongside other global giants like Google, IBM, Dell, and Deutsche Telekom. They will participate in decisions regarding software updates, treasury management, and the overall strategic direction of the Hedera network.
Institutional adoption of digital assets
Rather than real-world use cases, Hedera has focused almost exclusively on enterprise adoption. The positive market reaction to the news appears to have been sparked by the FedEx announcement, especially because it is outperforming the modest recovery that the top cryptos by market cap are staging today after a prolonged period under intense pressure.
Meanwhile, major corporations continue to actually implement Hedera’s blockchain technology in their businesses.
The Lloyds Banking Group and Aberdeen Investments successfully executed the UK’s first foreign exchange trades using tokenized real-world assets (RWAs) as collateral on the Hedera network.
Avery Dennison, another Hedera Council member, has been using the network for its atma.io platform to track billions of unique items in the supply chain. The integration of FedEx creates a more “interoperable” ecosystem.
Source: https://www.cryptopolitan.com/hbar-turns-green-as-fedex-corp-joins-hedera-council-to-move-supply-chain-on-chain/
