2023 could be a big year for blockchain technology, which is shared among the nodes of a computer network and stores information electronically. A recent study from the global intelligence firm IDC estimated the blockchain solutions market to be valued at $6.6 billion, with a projected compound annual growth rate of 48% over the 2019-to-2024 period.
And amid the technology’s rise, Memphis’ largest public company is partnering to offer courses on the subject.
FedEx is launching a new series of courses on blockchain in global commerce and Web3 — the next iteration of the World Wide Web — in collaboration with the Blockchain Research Institute and INSEAD. The courses are now available on the U.S. online course provider Coursera.
"FedEx was excited to work with the Blockchain Research Institute and INSEAD to develop this series of courses on Web3 and blockchain in global commerce," said Rob Carter, FedEx’s EVP and CIO, in a press release. "We understand the importance of education in this area to help accelerate the adoption of blockchain and Web3-enabled technologies moving forward."
The four courses introduce learners to Web3 and blockchain for commerce, by explaining what blockchain is, how it works, and why it’s significant. They also go over how blockchain is affecting global supply chains, which includes impacts on operations, logistics, procurement and purchasing, transportation, customs and border control, trade finance, insurance, and inventory management. Blockchain could, the release asserts, make the entire network more adaptable and responsive to demand fluctuations in a crisis.
Those interested in taking the courses can register here.
"The amazing thing about blockchain is it offers something for everyone — in any field — because everyone is a part of global commerce," said Don Tapscott, co-founder and executive chairman of the Blockchain Research Institute, in the release. "Maybe you're an entrepreneur looking for different ways to grow your business in the global economy, or you're from a farming community looking for ways to tap into global food markets, or you're a medical professional and you worry about the quality of drugs available to your patients. … We're all looking for ways to build trust and get at the truth."
The announcement comes as FedEx continues to grapple with lower volume levels that have hampered results.
In Q2, for example, FedEx earned $22.81 billion in revenue, down from the $23.47 billion it earned in Q2 2022, and its operating income stood at $1.17 billion, down from the $1.59 billion it earned in Q2 2022. Many of the challenges have come at FedEx Express, the company’s largest operating segment, which saw its Q2 operating income fall from $949 million to $341 million — a 64% decline.
FedEx is looking to cut expenses in a variety of ways — cost savings are expected to reach $3.7 billion in FY 2023 — and at the beginning of this month, it announced it was reducing its officer and director team by more than 10%.
