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Apart from being the underpinning technology behind cryptocurrencies, blockchain technology is a lot more. Large organizations have come to know it earlier and started to adapt it for various functions. Even one of the largest US retailers such as Target couldn’t be left untouched from its benefits as the company has started working on blockchain applications back in 2018.
The Minneapolis-based Target Corporation is the eighth-largest retailer in the United States – Target operates almost 1,800 stores across the United States and an online retail store. The company has started to develop its own blockchain solutions in 2018 to aid in managing the certification of suppliers. Now, the retail giant is enhancing its utilization of blockchain technology.
In Target’s official blog post, the company stated:
“In working directly with the forest managers and certification boards, we learned that standing up a blockchain is simple from a technology standpoint, but difficult in deciding what data should live on the distributed ledger. This work on a certification blockchain was recently open sourced as ConsenSource! As ConsenSource progressed, Cargill’s work in creating supply chain middleware to store data and transactions on a blockchain came to our attention. As we learned more about the effort, Cargill and Intel took the project to Hyperledger, an open source collaborative hosted by Linux Foundation, and it became Hyperledger Grid.”
Cargill is the largest American privately held global corporation (based on revenue) that operates a global food system.
Target’s Purposes with Blockchain: Reduced Cost & Time, Security, Better Supply Chain
On its blog post, Target also said that the company will directly work with one of their largest food suppliers that will allow the company and all other participants to share data from one another as blockchain technology grow further. By incorporating blockchain technology, Target is aiming to create an improved infrastructure that supports minimal truncation time and cost, rock-solid security and enhanced supply chain.
Joel Crabb, vice president of architecture at Target said, “I’m proud that Target will support the Hyperledger Grid project, and that we’re committing dedicated engineering resources to build out components in the Grid architecture!”
Blockchain has become one of the hottest trends that companies from almost every industry have started exploring and deploying. Major organizations such as Microsoft, Amazon, IBM, etc. have long ago already started providing a number of blockchain services that allow small and medium-sized enterprises (SMEs) and private individuals to benefit from it in terms of transaction speed, cost, and safety. What simply started as a distributed ledger database has now become one of the fastest growing technologies in the 21st century.