Undoubtedly, if there’s this one thing that the blockchain has completely revolutionized then it’s the tracking of things and recording their data in an immutable ledger — simply put, the supply chain. The companies that implement the technology can choose whether they want to store the tracked information in a private or public ledger. In most case, however, the public ledger is preferred in order to render customers with complete data of the products they’re buying to imbibe more trust within them.
Last week, Visionary Finance reported in the weekly digest how the coffee giant Starbucks had partnered with Microsoft to use its newly launched Azure blockchain for tracking coffee beans straight from the farms to consumers’ coffee mugs.
In the latest, Bumble Bee Foods, one of the largest see food producers, had partnered with SAP to create a blockchain that can track Bumble Bee branded fishes. The packages will come with a blockchain-derived QR code that the customers will be able to scan and read through the details about the products. This will ensure that the customers are aware of where their food is coming from and whether or not they’re of the standards that they expect.
Bumble Bee CIO Tony Costa told that though they’ve always put ensuring sustainability at the forefront of all the services they provide, their blockchain initiative will take things a step further.
He further added:
“Because we can trace the movement of fish from the moment it’s caught to the point where it is sold; our customers can have confidence that we’re making a difference to delicate ecosystems as well as the lives of everyone involved in our supply chain.”
Blockchain will enable the firm to track fishes right from when they’re caught to the point they’re in the hand of the consumers. The parties involved within the supply chain management can directly input the data into the blockchain which will then be resistant to any alteration by any other party that has to make the further entries. Any errors would be easily traceable.
The encrypted data will act as an assurance that any details that are shown upon scanning the barcode are not tampered with. Hence, consumers can rest assured that the fish they’re taking home is from where the packaging suggests and it’s no older than the date mentioned.
Not only does the implementation benefit the users but also the companies who opt for it. Supply chains today usually rely on a ton of paperwork and spreadsheets. Integrating blockchains to the supply chain system immensely slashes the cost of management while also making it more efficient.
It’s the first time SAP’s blockchain technology will be used to disrupt the food industry’s supply chain, many major players including Walmart have previously started switching to blockchain for the supply chain management.
In recent times, blockchain has been hyped for having unprecedented use cases, of which, Costa believes not all are true. However, he said, it was all about finding the right use cases for it.
Not only blockchain but its first use case, the cryptocurrencies have also started finding a way into the food market. Earlier this week, an announcement made by Tyler Winklevoss, the founder of Gemini cryptocurrency exchange, revealed the company has partnered with Flexa, an international cryptocurrency payments network. The partnership would allow customers to pay in cryptocurrencies at retail brands like Baskin Robins, Bed & Bath, Whole Foods Market, Caribou Coffe and so on.
It is undeniable that after the 2017 bull run, both blockchain and cryptocurrency have started finding uses in more industries than ever before. The acceptance, though not mainstream yet, is growing at an appreciable rate.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the cryptocurrency they discuss. The information and content are subject to change without notice. Visionary Finance and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. Please also visit our Privacy policy; disclaimer; and terms and condition page for further information.
