On Monday, April 23rd Bloomberg reported that Walmart Inc, the world’s largest discount retailer, is all set to utilize the Blockchain technology in its live food business.
The announcement was made by the Vice President of Food Safety and Health at Walmart, Frank Yiannas on Monday, April 23rd at the MIT Technology’s Business of Blockchain Conference in Cambridge, Massachusetts.
Yiannas said by adopting the Blockchain technology, the time is taken to track the food product was incredibly reduced from 6 days to just a couple of seconds. Walmart has spoken with suppliers to put food on a Blockchain, as the U.S.A. Retail Corporation believes that by doing so, it will help in improving contamination management, reduce waste and bring about more transparency.
Walmart had started testing the Blockchain technology in collaboration with IBM, for the purpose of detecting and removing recalled foods from its products list back in 2016.
As per reports, by adopting a Blockchain-based system, the company can easily verify any information about products and also given the technology’s decentralized nature, it provides protection from any kind of hacking attacks and data modifications.
Back in March, an application was submitted by Walmart for filing a patent on its “Smart Package” system. The system is created to track environmental conditions, package ingredients, location, and other related details. As per the application filed for the patent, it shows that the device would be implemented in new technologies like unmanned droned and autonomous vehicles.
More and more companies worldwide have started exploring the potential of the revolutionary Blockchain technology, for instance JD.com, the leading Chinese e-commerce site has also announced that it would be implementing the blockchain technology to track the origin of meat and also check its quality. According to JD.com, customers would be able to monitor the meat they purchase, right from the Australian farm where it was raised, all the way to their home.