- Romania-Based Crypto Exchange CoinFlux Tries to Pacify its Clients Following the Arrest of the CEO
- European Parliament Welcomes Blockchain Adoption in Trade
- Bomb Threats across the US Turn Out to Be Cryptocurrency Scams
- Congressman Davidson’s Controversial Idea to Crowdfund the US-Mexico Wall with Cryptocurrency
- Allianz CEO Andreas Utermann: Crypto Assets Should Be Outlawed
On October 8th, IBM announced on its chain of food supply network, the IBM Food Trust. This is a blockchain-based global food system that will offer every participating grower, retailer, and supplier with the necessary information and data to ensure better transparency, traceability, efficiency, and effectiveness of individual food products.
The cloud-based network by IBM has been launched after months of testing. During this phase of research, millions of food products have been tested to ensure the functioning of this network. Individual food items could be easily tracked down both by suppliers and retailers.
With each passing day, the participants of the food network ecosystem are growing. Carrefour, one of the leading retailer across the world announced how they are going to use the blockchain network created by IBM’s Food Trust to strengthen their own company. Being the leading food retailer in 33 countries with 12,000 stores all over the world, Carrefour is proceeding with baby steps. It aims at building trust and winning the confidence of its consumers with its flagship products. By the end of 2022, Carrefour will expand this cloud-based network solution to all its branded products.
The general secretary of Carrefour, Laurent Vallée said that Carrefour would be able to make the most of the integrated blockchain technology and provide clients with undoubted and safe traceability of their products. This is one of the several advantages of being a member of the IBM Food Trust.
Within a matter of seconds, any particular food product can be traced back to the original source. A procedure that once took weeks of manual and strenuous effort can now be performed with the blink of an eye, thanks to blockchain technology. This technology eliminates almost any possibility of mistake that occurred with the traditional database. It makes the entire procedure reliable, trustworthy, and extremely efficient.
The senior vice president of IBM Global Industries, Bridget van Kralingen stated that trust could only be acquired with transparency, and this can be achieved in the food sector only when people are ready to share responsibility. With the use of blockchain technology, IBM Food Trust is showing the world how it has taken the necessary steps in the food safety and traceability area.
IBM Food Trust is a collaborative approach to help different organizations associated with the food industry do a more efficient and effective job. Just recently Walmart made a similar move with its own blockchain initiative, telling its suppliers to use the company’s blockchain platform for their various operations.