Nestle Affirms IBM Food Trust Blockchain Initiative Will Expand in 2019

Nestle, the giant food retail company from Switzerland, has affirmed that the IBM Food Trust initiative, which has important members like Unilever and Walmart joining forces with IBM for using the blockchain on their products, is set to grow a lot in 2019.

The report affirms that the initiative is set to have new members onboard among suppliers and retailers in the year. The digital transformation manager of Nestle, Benjamin Dubois, reported that the IBM Food Trust blockchain has been answering for a “consumer demand” and that more transparency and trust are needed in today’s market.

Nestle has been engaged with the initiative since last year, as it has decided that the blockchain technology can bring an important advantage for the companies of the sector and knowing that the clients are constantly demanding better products that can fulfill their needs.

The main goal of IBM Food Trust is to give the companies more strength to identify the kind of issues that can cause the contamination of their food and eventual recalls. For instance, by tracking the food better, a company could easily track the outbreaks that can contaminate the food.

With the use of the technology, companies could trace their product via all the steps required from when the food is harvested until when the consumer buys it. This would give both the retailers and the consumers a pool of information about the history of the products that could be useful.

Information about crops, processing, transport and even labeling could be carried to the blockchain and tracked very easily. Current systems are either unable to do it or can take days to track the products.

Dubois has affirmed that the idea is to offer the maximum possible information to the public and that the products can be scanned via simple QR codes. A person will just have to use a phone and can know everything about the products that it intends to buy.

The QR Code will let the person know the origin of the product, its composition and the farmer that harvested it, together with the date in which the food was processed, the identity of who did and who transported the product.

Dubois believes that several issues are still to be tackled in this new year for the IBM Food Trust blockchain but that the company is making great progress. Interoperability between data platforms is one of the aspects that could be improved upon, according to him.

Carrefour, which is a part of the IBM Food Trust system, has also begun to use a Hyperledger platform as well, which means that companies will definitely need to make an effort to offer the best products in order to be competitive in this ecosystem.

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Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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