Multinational tech giant IBM has been leaving a significant imprint on the retail industry lately with the use of blockchain technology, and it’s doing it again with the latest project, Food Trust.
IBM, not content with providing foodchain solutions for mega-retailer Walmart, has now hooked up with French supermarket giant Carrefour in order to launch blockchain based Food Trust, enabling the chain to price its products more accurately.
The recent IBM/Walmart project came up with a farm-to-store tracking system based on blockchain technology, which Walmart committed 100 of its suppliers to adhere to. Both Walmart and IBM have been at the forefront of DLT since its conception and both companies are eager to promote the use of new technology in sectors including business and commerce. Walmart has become a primary mover in the industry in pushing blockchain forward with numerous patents pending.
The latest IBM deal with Carrefour, now operating in over 12,000 locations around the globe, offers three individual retailing solutions using DLT. The first of which, called “Trace” offers a sophisticated system of tracking products from source, which also factors in shipping and production costs, allowing the retailer to arrive at a fair price to pass on to customers.
Other aspects of Food Trust in its present early form focus establishes how goods fit retailers “Fair Trade” or “Organic” tags in order to be accurately listed on the blockchain, adding to buyer confidence.
Carrefour itself is no stranger to using emerging technologies in recent months and made a recent impact on the French farming sector this year with its blockchain based system which began tracking its chicken supply. This provided customers with an egg to table history by using a smartphone to scan a code on the packaging to obtain details on each stage of production, including origins, earlier location, feed and where the meat was finally processed.
Carrefour may be the first to use the latest IBM system, but now Food Trust is live, it’s there to be used by all in the food industry moving forward.
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