IBM Launches IBM Food Trust Blockchain Network For Tracking Global Food Supply And Announces Major Partners

According to an October 8 press release, tech giant IBM has now made its Food Trust Blockchain Network commercially available following 18 months of testing. Additionally, the company announced a partnership with French multinational retailer Carrefour.

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According to an October 8 press release, tech giant IBM has now made its Food Trust Blockchain Network commercially available following 18 months of testing. Additionally, the company announced a partnership with French multinational retailer Carrefour.

IBM Food Trust now available

In the press release, IBM revealed that its blockchain food supply chain network, IBM Food Trust, is now commercially available.

The company has been testing the blockchain network over the past year and a half and is now ready to launch the platform, designed to allow retailers, growers, and food industry suppliers to become a crucial part of the industry.

The Food Trust Platform has been developed to offer solutions to the large number of companies such as Walmart who want their suppliers to keep track of the entire supply chain of various food products, starting from the source of the product.

The platform will make use of cloud and blockchain technology and will work as a ledger for food items, keeping track of data such as the harvesting, packaging, shipping, and sale of various perishable goods.

The system would also make it easier for retailers like Walmart and Carrefour to know that the food products they receive are fresh and meet their standards.

Bridget van Kralingen, the senior vice president for IBM Global Industries, told Forbes that trust is achieved via transparency and that in the area of food safety the responsibility of transparency is shared along the supply chain.

She added that collaboration has enabled members of IBM Food Trust to show that the blockchain technology can be used to increase transparency and bring meaningful enhancements to food traceability.

The increase in transparency and food traceability provides business benefits for all participants, but most importantly improves product quality and safety for consumers, he added.

The IMB Food Trust Blockchain Network continues to grow, counting major retailers across the globe such as Carrefour, Nestle, Kroger, Unilever, and Tyson Foods among the many that have already joined the network.

IBM strengthening its position as a blockchain leader

The addition of Carrefour adds more scale to the network for IBM. The IBM network has so already been used to track millions of products as they reach the final consumers.

Carrefour runs more than 12,000 stores in 33 countries and its integration into the IBM Food Trust shows that the company is looking to further improve its label. The company is looking to offer improved services as it plans further expansions by 2022.

IBM continues to strengthen its position as the leading blockchain platform in the world. Recently, the company released the World Wire system, which offers similar services to Ripple’s xRapid platform.

The service makes it possible for financial institutions to carry out cross-border transfers in real time, using the Stellar blockchain and any cryptocurrency a financial institution decides to implement.

IBM is also backing Stronghold USD, which is a stablecoin currently in development that plans to become the digital version of the U.S. Dollar.

Tracking global food supply with blockchain tech – how it works

IBM Launches IBM Food Trust Blockchain Network For Tracking Global Food Supply And Announces Major Partners

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