Blockchain enters U.S. food industry
On Aug. 22, IBM made a new announcement that several grocers were now on board to begin tracking and managing food distribution and retail using their blockchain based platform.
Walmart (WMT), Kroger (KR), Unilever (UN), Nestl√©, Dole (DOLE), Tyson Foods (TSN), Golden State Foods, and McCormick (MKC) have all joined the collaboration to use IBM blockchain to track food shipments and monitor¬†food safety, IBM announced on Tuesday.
IBM (IBM) has convinced a slew of big-name grocers and consumer brands to try blockchain, the technology that originated with the digital currency Bitcoin in 2009 but is now being applied¬†in a number of business contexts that have nothing to with Bitcoin.
Customers of Walmart (or Kroger, or Nestle, and so on) won‚Äôt know that a blockchain had anything to do with the papayas, or mangoes, or pork chops they buy at the market. But if IBM is to be believed, shoppers¬†will benefit from it, because the use of a blockchain to track the shipment and supply chain can ‚Äútrace contaminated product to its source in a short amount of time and ensure safe removal from store shelves,‚ÄĚ according to a press release.
In other words: the success of blockchain tech (which¬†Wall Street is also embracing for faster back-end trade¬†settlements) does not rely on consumers¬†understanding what it is. –¬†Yahoo Finance
Blockchain technology is well on its way to becoming the future of finance, with companies racing forward to put nearly every industry, transaction, asset, and even method of payment on this digital platform. ¬†And while most people who have heard of the blockchain simply equate it with cryptocurrencies like Bitcoin, the fact of the matter is it has the capability to replace nearly every financial operation including all the exchanges on Wall Street.
The potential and benefits of blockchain technology are immense, and in the case of tracking food along the entire supply chain, can ensure that data is centralized in a single block where it becomes transparent to all necessary parties. ¬†And very soon, even payments made to these parties will be done using digital or crypto means, making business finally run in hours where it used to take days or weeks.
Kenneth Schortgen Jr¬†is¬†a writer for¬†The Daily Economist,¬†Secretsofthefed.com,¬†Roguemoney.net, and¬†Viral Liberty, and hosts¬†the popular¬†youtube podcast¬†on Mondays, Wednesdays and Fridays.¬†Ken can also¬†be heard Wednesday afternoons giving an weekly economic report on the¬†Angel Clark radio show.