According to the analysis release of Gartner, blockchain tech is being recognized by grocers for the transparency it brings to business. This will help grocers to offer reliable goods information for different stakeholders such as their retailers and customers.
“Blockchain appears as an ideal technology to foster transparency and visibility along the food supply chain.” Garner claimed.
Gartner pointed out that with the help of blockchain, customer understanding of the food sources, the provider’s sustainability initiative, and overall freshness will increase. Hence, it will promote the competition between grocers to win the trust and loyalty of consumers.
Retailers can use blockchain for internal operations since they need data recorded on the blockchain to fasten track the source of the products. “Understanding and pinpointing the product source quickly may be used internally, for example to identify products included in a recall.” said Senior Director Analyst of Gartners, Joanne Joliet .
Gartner cites Walmart, Unilever and Nestlé as the giants which have already explored blockchain tech to leverage their capabilities. While Walmart is using blockchain for a “store-to-farm” tracking system, Unilever and Nestlé are using blockchain to trace food contamination.
Last month, 80 brands include business giants such as Walmart, Nestle, Dole Food, Tyson Foods, and Unilever has reportedly collaborated with IBM’s Food Trust ecosystem to use the blockchain system for their delivery process.