Walmart is spearheading a global effort to use blockchain technology to secure the grocery supply chain.
The initiative is called “Food Trust” and it brings together other major global companies including Nestle, Kroger, Unilever and Dole. A year after first testing the concept, they are planning to use blockchain technology to securely track everything in the farm-to-store food supply chain, as a way to reduce food recalls and improve response time and consumer safety when damaged or harmful goods do get into the supply chain.
Blockchain is a robust security technology that has the potential to track and retain huge amounts of information about supply chain transactions, no matter how complex they may be. It establishes information authorship and ownership and can’t be faked, according to security experts. It also drastically reduces the amount of time it takes to determine the origin and route of goods on store shelves.
Still, Food Trust is taking on a huge task and it could take years before the food industry completes the shift to blockchain, according to a report in the Wall Street Journal.