Chicken and greens: $97B retail firm uses IBM blockchain to track food supply

Multinational retail giant Carrefour may use IBM’s blockchain tech to monitor two major food groups as part of a expanding reorganization of international distribution lines.
IBM’s food-tracking blockchain technology is going to be employed by the Carrefour multinational retail firm to monitor food distribution lines from your farm to the shop. An arrangement between Majid Al Futtaim — the firm that operates Carrefour in the Middle East — and IBM will see the retail giant utilize the IBM Food Trust initially to monitor two meals categories: chicken and microgreens.The IBM Food Trust is a blockchain-specific platform designed for the food industry, hosted on the IBM Cloud. Carrefour, which recorded $97 billion in earnings in 2019, will empower customers to scan QR codes to the products in question, and also get comprehensive details about their whole production process, according to a report by Gulf Business.Relevant information will consist of product origin, date of creation, transportation data, ingredients, health and halal certifications, nutrition analytics, and temperature data. Gulf Business cites a recent IBM Institute for Business survey which revealed 73% of respondents sought better traceability methods for their products. Notably, 71 percent of respondents said they would be willing to pay extra for services that offer it.The CEO of Majid Al Futtaim Retail, Hani Weiss, said hope in global food supply chains has turned into a significant issue — one spurred on by the epidemic of COVID-19:”Trust in the food distribution is becoming more and more important worldwide, a trend accelerated by changing consumer demands and the following health and health concerns originating from the Covid-19 pandemic.” Weiss reported the use of blockchain technology will improve operational efficiency, and build stronger customer trust and loyalty. “It is therefore crucial for all of us to invest in ensuring quality throughout the value chain while simultaneously working to develop robust customer confidence and loyalty. In fulfilling the new market expectations, we are now offering enhanced food traceability for our valued Carrefour customers and improved operational efficiency for our organization,” said Weiss. IBM’s Food Trust was first employed by Carrefour at November 2019, when it leveraged the blockchain technology to monitor the distribution chain for babies’ milk formulas.A 2020 report by Cointelegraph Consulting and VeChain signaled $300 billion worth of meals could be tracked and traced to the blockchain by 2027. Within an industry amazingly rife with fraud, even the use of blockchain tech would supposedly save 100 billion per year by ensuring the products that land in stores are legitimate.

Relevant news

Leave a Reply