Leading food and drug retailers Albertsons Companies has recently joined IBM’s Food Trust blockchain platform, a system where retailers and suppliers can track food from farm to store.
Albertsons Companies, which has more than 2,300 stores across the US, will use the blockchain technology to trace the supply chain of romaine lettuce. Joining the trading platform will help enable a safer food supply for Albertsons Companies. Noting that this is a way to build trust and gain greater transparency for its customers, the firm also intends to expand to other food categories.
“Blockchain technology has the potential to be transformational for us as we further build differentiation on our fresh brand. […] In addition, the provenance of the products enabled by blockchain, the ability to track every move from the farm to the customer’s basket, can be very empowering for our customers,” said Anuj Dhanda, CIO of Albertsons Companies
Launched in Oct 2018, IBM’s Food Trust ecosystem has incorporated with more than 80 brands, including business giants such as Walmart, Nestle, Dole Food, Tyson Foods, Kroger, and Unilever. According to its press release, over five million food products have used the blockchain system for their delivery process.
“Establishing IBM Food Trust and opening it to the food ecosystem last year was a major milestone in making blockchain real for business,” Raj Rao, Food Trust’s general manager, declared in the press release. He continued: “Today, we are focused on ensuring that the solution scales and is accessible to participants across the food ecosystem, such as Albertsons Companies.”
Recently, IBM added six global banks to its blockchain payment system, IBM Blockchain World Wire (BWW). Furthermore, the firm has partnered with Stronghold to create the first USD – backed stablecoins, reported by The Crypto Sight on Mar 20.