- Walmart Inc. is set to use Blockchain tech for its live food business.
- The company said this will cut down wastage, improve contamination management and transparency.
United States: A media report yesterday 23rd April stated that Walmart Inc., the US multinational retail corporation and largest discount retailer globally, is now set to use Blockchain Tech for its live food business. The Vice President of Food Safety and Health for Walmart Inc., Frank Yiannas, announced this during the MIT Technology Review’s Business of Blockchain conference in Cambridge, Massachusetts. Frank stated that by using Blockchain tech, the time taken to track produce can be shortened from about 6 days to 2 sec. Walmart Inc. is getting suppliers to put produce on a Blockchain, which it says will cut down wastage, and also improve contamination management and transparency.
Walmart Inc. began experimenting the Blockchain technology in collaboration with IBM in 2016, to detect and remove recalled produces from its products list. With the Blockchain-based system, Walmart is supposedly able to validate any product information, as well as protect such information from alterations and hack attacks, thanks to Blockchain’s decentralized nature.
Walmart Inc., last March, applied for a patent on its “Smart Package” system. The Smart Package system was created to trace locations, environmental conditions, package contents, as well as other details using the Blockchain Tech. The patent stated that the system is planned to be used in latest technologies such as autonomous vehicles and unmanned drones.
Blockchain adoption for the purpose of quality assurance is gaining popularity among international retailers nowadays. JD.com, the leading Chinese business-to-consumer e-commerce platform site, is also employing the Blockchain tech for quality assurance and origin of meat. JD.com stated that customers would be able to track their meat right from where the meat was raised on the farm in Australia, though to their doorstep.
Yongli Yu, the president of JD’s supply chain research unit, said that:
“Throughout the world, and particularly in China, consumers increasingly want to know how their food is sourced, and JD is dedicated to using technology to promote complete transparency,”