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Blockchain

Walmart Will Only Work With Suppliers Using Blockchain Technology

Walmart the largest supermarket in North America said that it will be using blockchain technology for its “Produce” products that fall under their “Live Food Business” and it will ask its suppliers to switch to the blockchain technology as well, and suppliers have to follow Walmart’s blockchain policies. Company’s vice president of food safety and health “Frank Yiannas” was addressing to blockchain conference at MIT, in Cambridge, Massachusetts, told the audience that switching over to blockchain technology will allow not only the company but it will allow supplier as well to track food more effectively and it will reduce the cost and wastage of Produce.

He said switching over to blockchain technology will:

  • Allow the retailer and its suppliers to reduce the time it takes to trace its produce from six days to a mere two seconds.
  • It could help in tracking the source of contamination with pinpoint accuracy.
  • It will prevent illness of food and reduce unnecessary food waste.
  • Be used to monitor the pork products sold in its Chinese outlets and the mangoes it sells in North America
  • Be able to track farm and factory information, batch numbers, use-by dates, storage temperatures and shipping data.
  • help to improve food quality safety and traceability.

Walmart has started different blockchain pilot schemes in 2016, and they are partnering with IBM and many blockchain experts at China’s Tsinghua University. Recently they have also filed two blockchain-related patents for a payment and courier system in order to automate the package tracking system and payment processing for the shipment of fresh and preserved food and Produce.

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Muhmmad Furqan

Furqan is a financial markets expert. A regular trader of cryptocurrencies and hold some investments in Bitcoin, Stellar, IOTA and OST. Contributes with latest industry insights. Contact the editor at editor.opinions@blockpublisher.com

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