Walmart’s Live Food Business Powered by Blockchain
According to Bloomberg report on April 23, the US retail corporation, Walmart Inc, is now ready to get going with its live food business which makes use of Blockchain technology.
Walmart’s Vice President of Food Safety and Health, Frank Yiannas made an announcement at the Business of Blockchain conference by MIT Technology Review in Cambridge, Massachusetts on Monday, saying that with the help of the Blockchain technology, Walmart was able to reduce the time that they took for tracking produce to a mere two seconds from six long days.
Being the world’s largest discount retailer, the decision was quite an important one for the company. The company is now asking suppliers to put the food they supply on a Blockchain to reduce waste and to improve transparency and contamination management.
In collaboration with IBM, Walmart began testing the Blockchain technology in identifying and removing recalled foods from the products list it had in 2016. With a system based on the Blockchain technology, the company was able to verify just about any information it required about the products. Thanks to the decentralized nature of the Blockchain technology, the data was protected from data alterations and hacking attacks.
Walmart had submitted an application for a patent in March on the “Smart Package” system it developed. The system has been designed in such way that it can help in tracking the environmental conditions, location, package contents, and many other details about the package. This “Smart Package” system is to be used in technologies such as unmanned drones and autonomous vehicles.
There has been a popular trend among the international retailers to use Blockchain for quality assurance. The popular Chinese e-commerce site, JD.com is implementing Blockchain technology for assuring the origin and quality of meat as well.