Several major consumer goods companies are adopting Blockchain technology to effectively monitor the movements of their products in supply chains.
Among the companies are Walmart, IBM and Nestle which have recently collaborated on a project that aims to use the technology to make the current food system safer.
Blockchain food safety trial run
Walmart and IBM have already conducted early trials of the project in China and the US.
In the pilot run, Blockchain was used to digitally monitor food products from pork and mango suppliers to the stores, and ultimately to the consumers.
Among the product data that were used in the tracking are batch numbers, farm origination details, factory and processing data, and expiration dates.
Every piece of data that was entered into the Blockchain provides vital data points that could possibly reveal food safety issues with a product.
Senior executives recognize Blockchain potential
A growing number of senior executives in various industries are already recognizing the potential of Blockchain in their operation.
Based on a study conducted by IBM, a third of the nearly 3,000 executives polled claimed that they are already utilizing or planning to use the technology in their businesses.
All of them believed that Blockchain could support their business strategy in some way.
Possible uses of Blockchain in the consumer industry
There are various possible use cases for the technology in the sector. Among them is in the area of global trade and shipments, where Blockchain can be used to digitize and share documentation such as letters of credit and customs document. This results in faster payment for suppliers.
The Blockchain technology also improves the efficiency and transparency of various business activities.
By using the technology, traditional retailers can improve their operation to be able to compete with new and disruptive businesses.