Nestle’s Digital Chief Officer, Samuel Baroukh, has a high belief in the emerging market of blockchain technology. The CDO of the FMCG giant in France strongly believed that blockchain has the potential to change the way people buy, consume and live. According to the current eBusiness Head of Nestle, every industry is shifting towards digitalization and retail has the maximum potential for mass adoption.
Baroukh’s strong belief in blockchain’s potential is evident from his decision to join Universal Reward Protocol (URP) in the position of advisor. URP uses blockchain technology to provide in-store behavior analysis to Auchan, and Carrefour. According to Baroukh, the major problem in the retail sector is data security because in the last few years the cases of breaches have been on the rise and traditional loyalty programs have been found to be unreliable.
Baroukh stated, “Blockchain makes data decentralized, encrypted, trackable and secure and is exactly what is needed. A URP participant has complete control over which data gets shared with which retailer. This provides a trade-off between the levels of personalization they are looking for and the privacy settings they choose.” According to Barouk, URP removes the issues brands typically face when it comes to knowing and touching their consumers as they have very little interaction with them, according to Nulltx.
Nestle has always been keen to explore the emerging technology of blockchain and its applications in the retail market. In August this year, the company partnered with Golden State Foods, Dole Good Co, Driscoll’s, McCormick, Kroger Co, Tyson Foods, McLane Co. and Unilever to ensure the safety of its supply chain for baby food purees and pouches, according to Freight Waves.
Nestle started its tryst with blockchain in the fall of last year when it traced the single-ingredient Libby canned pumpkin from the farms to the shelves. The company is already in negotiation with Wal Mart and IBM so that it can come up with a strategy for data formatting and export issues. Nestle currently is focusing on moving data from the SAP SE enterprise software of the company onto the digital ledger platform for sharing.
But implementing the emerging blockchain technology in the market is not easy as both the Gerber business and Nestle technology experts have discovered, according to Wall Street Journal.
According to the Global Head of the Swiss company using blockchain in a corporate supply chain is even now not a smooth job. Moreover, he stated that dealing with different formats with paper and electronics data from farmers, to processors and others in the supply chain can pose issues.
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