Blockchain distributed database technology has been largely over-hyped in recent years, particularly the use of blockchain to facilitate non-financial business transactions. Many of the largest companies in the world, nevertheless, have experimented with this technology. But many small and mid-size companies are also starting to wonder if and when they need to start paying closer attention to blockchain technology.
This report looks at blockchain applied to food traceability in the Food Trust consortium. The technology’s impact within the food supply chain suggests that blockchain may be exiting the early maturity phase.
The Food Trust
After initial tests, 12 of the world’s biggest companies, including Walmart and Nestlé, are building a blockchain to remake how the industry tracks food worldwide. Retail participants in the consortium include Walmart and Kroger. Food companies include Nestle, Unilever, Tyson Foods, Dole Food, Driscoll’s, Golden State Foods, McCormick and Company, and McLane Company.
The companies, known collectively as the IBM Food Trust, are using a traceability platform based on technology provided by IBM, one of the most active blockchain innovators. The main mission of the IBM Food Trust is to improve traceability.
Blockchain is a distributed database that holds records of digital data or events in a way that makes them tamper-resistant. While participants in a blockchain may access, inspect, or add to the data; they cannot alter or delete existing data.
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Keywords: Blockchain, Food & Beverage, Traceability, Supply Chain, ARC Advisory Group.