Gartner Research Firm: 20% Of The World’s Leading Grocery Stores To Make Use Of Blockchain By 2025
Research Firm Claims 20% Of The World’s Leading Grocers Will Make Use Of Blockchain By 2025
In the report, the authors have stated that the core advantage of using blockchain tech (for grocers) is that it provides them with a high level of transparency as well as allows them to streamline their day-to-day operational activities.
Additionally, many experts are of the opinion that DLTs (Distributed Ledgers) can also allow grocers to quite easily convey reliable information to their existing customer/retailer bases with the touch of a button — especially since the technology allows for an increase in transparency while operating within an existing food supply chain.
More On The Matter
If statistical data put forth by Gartner is to be believed, grocery sales are soaring all over the world as a result of which, more and more consumers are now interested in knowing about the source and freshness of their food items.
“Grocery retailers who provide visibility and can certify their products according to certain standards will win the trust and loyalty of consumers.”
Additionally, as per Gartner’s study:
- There currently exists a market for blockchain tech within the retail sector — especially from the POV of internal management. This is because data collected using this burgeoning technology can quite easily be used to determine “the source of a recalled product”.
- Joanne Joliet — an analyst at Gartner — believes that as we move into the future, big-name grocers will continue to help foster the development of novel blockchain systems.
- At press time, a large no. of companies (such as Walmart, Nestle) are trying out blockchain-based governance protocols to “ensure the quality and freshness of their food products”.
In closing out this piece, it should be pointed out that multinationals such as Unilever, Walmart, and Nestlé are part of the IBM Food Trust— a product tracking network that is designed exclusively for authenticating the supply-chain of various food products. If that wasn't enough, even smaller firms like Dole Food Co., Driscoll’s Inc., too have signed agreements with IBM to make use of their latest tracking technology.