Blockchain to Build a Sustainable Food Industry?
Blockchain is taking off, with a growing number of food companies and retailers experimenting with this new technology. Ecovia Intelligence (formerly Organic Monitor) sees blockchain bringing many sustainability benefits to the food industry. A few weeks ago, Carrefour became the first European retailer to introduce blockchain for food products. Initially launched for free-range Carrefour Quality line Auvergne chickens, the technology is being expanded to eggs, cheese, milk, ground beef steak, salmon, oranges and tomatoes. A key part of its 2022 transformation plan, Carrefour believes blockchain technology will revolutionise its supply chains. Its new strategy focuses on food quality and transparency, with it setting an ambitious target to generate EUR 5 billion sales from organic foods by 2022. As will be presented at the Sustainable Foods Summit (http://www.sustainablefoodssummit.com), blockchain has many advantages. It provides transparency and openness to food companies, retailers, and consumers. Described as an ‘open ledger’ for transactions, blockchain gives a secure way to track and transfer assets through supply chains. It has the potential to transform the often opaque and diffuse supply networks for food products. Blockchain helps mitigate risks of food fraud and safety. It is estimated that one in ten food products are adulterated or mislabelled. Tampered products can be easily identified and isolated, preventing expensive product recalls. By pinpointing contaminated batches, safe products can be kept on store shelves and not sent to landfill. The amount of food waste can therefore be reduced. Walmart is working with Nestle, Dole Food, Unilever and Tyson Foods on blockchain pilot projects. The retailer says a 1 percent reduction in food-borne illnesses in the US could generate an additional US $700 million in increased productivity. Walmart believes blockchain will do for transparency what the internet has done for communication. In one of its blockchain projects, it took 2.2 seconds […]