Under the leadership of retail giant Walmart, a host of food-supply groups such as Nestlé SA and Golden State Foods, are attempting a bold new project. They aim to use blockchain technology to create a ‘food trust’, under which food products can be tracked all the way from the farm to the retail store.
Their aim is to identify and reduce flaws during this delivery system. The food corporations will be implementing blockchains to bring this vision to life. Through this digital ledger technology, the companies aim to build an electronic verification system that can keep food products in check.
The blockchain technology is uniquely tailored for this initiative. This format has a ledger system that is permanent and is, therefore, free from infiltration and alteration. In other words, whenever a verified event takes place, a block is pinned on the chain which is accessible to most merely a few people but to everyone involved.
This essentially makes the system as trustworthy as it gets given the present circumstance.
The Blockchain Revolution
The blockchain system has been seen cropping up over the news, injecting itself into almost every sector of the business field. Last year, as reported by the Forbes, six of the biggest banking corporations — Credit Suisse, Barclays, HSBC, CIBC, MUFG and State Street — declared they were in support of the Utility Settlement Coin (USC). This was a blockchain platform created by the Swiss banking firm UBS. This new system facilitates transactions within banks without the approval of traditional channels of money transfer.
In January of this year, Maersk, the shipment firm, announced an initiative for tracking shipments through a blockchain based logistic system. The company believes that this digital platform would also be adopted by many more entities in the shipping industry.
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