Cermaq, a subsidiary of Mitsubishi, based in Norway, plans to utilize the blockchain to improve the traceability of its salmon. The salmon will be sold in France and users will be able to find out the source of their purchases by scanning a QR code. This announcement was made via a press release.

 How the Process Will Work

When buyers scan the QR code, they will receive various details about their salmon. For instance, they will learn about how it was farmed, its size upon release into seawater, and the location of the fish farm. Other information that customers will be able to access includes the health and welfare of the fish. This will include the diet the salmon was fed as well as any vaccines it might have received. The project will first be rolled out in the French market.

The company will utilize the IBM Food Trust ledger, instead of using a public ledger, to store and manage the information. This is a special blockchain-based platform that was developed by IBM for the food industry to make it easier to track the sources of food products. The platform is based on the open-source Hyperledger Fabric that was created by the Linux Foundation.

According to the Cermaq CEO, this project is going to help to reassure French customers that the salmon they purchase was sourced safely and sustainably. Besides that, they will also be able to verify that it is nutritious and sourced from the pristine waters of the North Atlantic. This project is being undertaken in collaboration with Labeyrie, which is a leading smoked salmon brand in France. With this project, Labeyrie now has two Norwegian salmon products that can be traced using blockchain technology.

Why it Matters

There has been a growing awareness and interest amongst consumers about the origin of food products. Besides that, there has been growing concern about the safety of food products and whether they have been sourced sustainably. To access the information, users will need a smart device as well as download a dedicated app that will show them all the details they need to know about a product.

About the IBM Food Trust Ledger

IBM Food Trust is a permissioned blockchain that is designed to create a smart and safe food supply chain. It offers numerous benefits such as increased efficiency of the supply chain, elimination of fraud in the supply chain, reduced wastage, and increased brand trust. It allows participants in the food supply chain to create permanent and shareable records of the food supply chain.

Various companies have already signed up for the project. One of the largest companies to join the project is Carrefour, the French retailer. The company recently announced that it would use the IBM Food Trust platform to enhance the traceability of baby formula.

The realization that the current system of food traceability was inadequate was first made in 2008, in what came to be known as the Chinese milk scandal.

Image Source: Shutterstock

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 crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial 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. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.

You May Also Like

Ethereum Entering Islamic Finance, Would $300 Billion Saudi Sovereign Wealth Fund Invest?

Photo Cred To Tiendientu Vietnam Via Flickr Virgil Griffith, head of special projects…
Coinme

Coinme’s Neil Bergquist on How Bitcoin ATMs Fit Into the Future of Digital Payments

When Neil Bergquist first encountered bitcoin in 2013 as managing director of…

Cryptocurrency Markets Face Sharp Declines

  Digital asset markets experienced severe turbulence as risky tokens plummeted to…

Crypto Jobs Per Million Grew 1457% Fueled By Big Tech, What Are The Top Jobs?

A recent study revealed that between September 2015 and September 2019, jobs per million…

Why Lowe’s Stock Surged After Its Latest Earnings Report

Brokers from LFtrade have been closely analyzing the recent moves in the home…
The Ultimate Guide to Becoming a Blockchain Engineer

The Ultimate Guide to Becoming a Blockchain Engineer

Blockchain technology has become one of the most exciting and revolutionary developments…

XA11K: Empowering Businesses with AI-Driven Cloud Solutions

XA11K Launches to Offer Comprehensive Cloud Solutions for Modern Enterprises New York,…
vNFT

The vNFT: Feed Your Finance

If we come across the word “NFT”, we look back to 2017’s…

Binance CZ Responds to Ethereum Vitalik on His Doubt about Binance DEX’s Decentralization

Ethereum creator Vitalik Buterin opened up about Binance Decentralized exchange. In a…

TOKEN2049 is Back for 2020, Examining What’s Next for the Crypto Industry

Hong Kong — February 7, 2020 — TOKEN2049, the premier crypto conference in Asia,…