A Blockchain First: IBM Launches Global Food Traceability Platform for Commercial UseOct 9, 2018, 10:00AM
The IBM Food Trust launches with European retail giant, Carrefour, integrating blockchain ledger technology into its supply chains
Carrefour SA, a French retailer that leads the European market, has integrated the blockchain ledger into its supply chain, using the technology to track and trace chickens, eggs, and tomatoes as they travel from suppliers to supermarket shelves. The retailer is using a platform called the IBM Food Trust, and it plans to eventually deploy this blockchain-based system across its entire fresh product line.
IBM Food Trust
The IBM Food Trust is IBM's blockchain-based food traceability solution-as-a-service cloud platform. It was launched Monday with the first cohort of partners featuring Cafferfour and its 12,000 store locations across 33 countries. Walmart, Kroger, and Tyson foods are also involved.
The IBM food trust depends on creating an environment of transparency and trust within the food and agriculture industry. According to project executives, shared responsibility is the key to reaching these goals.
Bridget van Kralingen, the Senior vice president for IBM Global Industries, stated,
That collaborative approach is how the members of IBM Food Trust have shown blockchain can strengthen transparency and drive meaningful enhancements to food traceability. Ultimately, that provides business benefits for participants and a better and safer product for consumers.
This news comes soon after a recent report highlighting the tremendous growth potential for blockchain-based food and agriculture over the next half-decade. The market is projected to increase at a compound annual growth rate of almost 50%, reaching a total value of $430 million by 2023. The report named Walmart and IBM as major drivers of growth in the sector, along with Microsoft, McCormick, and Dole Foods.
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