Amidst the rising popularity of cryptocurrency, many major corporations are exploring the underlying technology of distributed ledgers, also known as blockchains.
IBM is utilizing the new fool-proof tracking method to utilize blockchain in the food industry.
Monday, IBM announced the launch of IBM Food Trust. This will make it easy for food companies, large and small-medium enterprises, to use the network to help track foods from the farm to the checkout line.
Here are five fast facts you need to know:
- 1. The subscription fee for the service ranges from $100 to $10,000 a month depending on the size of the company.
- 2. IBM has a contract with Carrefour, a European supermarket with locations in 33 countries and 12,000 locations.
- 3. Carrefour plans to use the IBM blockchain to track their branded products in France, Spain and Brazil within the next four years.
- 4. Other major food companies such as Nestle, Dole, Tyson Foods, Kroger, Unilever, McCormick, and Walmart are also working with IBM to utilize their blockchain- based tracking methods.
- 5. Blockchain tracking of foods will help improve the transparency between consumers and retailers. Also, It is useful in tracking down the origin of food-borne illnesses.
The best part about the utilization of blockchain in the food industry is enabling people to trace products backwards and forward through a supply chain!