Global: Albertsons Companies, one of the largest food and drug retailers in the U.S., is joined the blockchain-based IBM Food Trust network to help keep track of items in the food supply chain such as romaine lettuce. It will first pilot IBM Food Trust to trace bulk romaine lettuce from one of its distribution centers, and then look at expanding the service to other food categories throughout its distribution network. Albertsons employing IBM Food Trust to overcome barriers that have existed when a traceback is triggered for a product like romaine lettuce. The addition of Albertsons Companies to the IBM Food Trust network brings more than 50 brands across the food ecosystem to blockchain-based food traceability. It will help enable greater transparency and collaboration, and ultimately, a safer food supply chain. Albertsons Companies, which operates nearly 2,300 stores across the U.S., will begin piloting IBM Food Trust for tracing bulk romaine lettuce from one of its distribution centers, and then explore expanding to other food categories throughout its distribution network.
According to BlueWeave Consulting, Increase in demand for supply chain transparency, the rise in cases of food fraud, and growth in concerns toward food wastage will influence the blockchain in food chain industry in upcoming days. Blockchain technology is revolutionizing the food and agriculture sectors by enhancing the decision-making capabilities of organizations. The major applications of blockchain technology in food and agriculture include traceability and tracking, payment and settlement, smart contract, and governance, risk, and compliance management. Blockchain’s capability of tracking ownership records and tamper-resistance can be used to solve urgent issues such as food fraud, safety recalls, supply chain inefficiency and food traceability in the current food system.
Increase in the demand for supply chain transparency along the agriculture and food verticals will boost the blockchain in food supply chain industry.
According to BlueWeave Consulting‘s upcoming report, Titled-“Global Blockchain in Food Supply Market, By Provider(Application and solution provider, Middleware provider and Infrastructure & protocol provider), by Application (Product Traceability, Payment and Settlement, Smart Contracts, and Governance, Risk and Compliance Management), by Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Size and Forecast, 2015-2025”- Global Blockchain in Food Supply Market presents promising growth prospects and expected to have upward trend over the forecast period 2019-2025 owing to lack of Transparency in food Supply Chain, Increasing Need for Food Safety and Traceability and Need for Efficient Financial Transactions. Moreover, reduction of food wastage within the supply chain and create capital growth opportunities for all the stakeholders such as farmers, processors, distributors, retailers, and traders involved in the food supply chain will boost the global Blockchain in Food Supply Market.
According to BlueWeave Consulting‘s recent report, Titled-“ Global Blockchain Technology Market, By Product Type (Public, Private and Consortium or Federated), By Provider(Application and solution provider, Middleware provider and Infrastructure & protocol provider), by Applications (Payments, Exchange, Digital identity, Smart Contracts, Documentation, Supply chain management, Governance, risk and compliance management), By End Users (Banking, Financial Services, and Insurance (BFSI), Government and public sector, Healthcare, Media and Entertainment ,Retail and e-Commerce, Travel and hospitality, Transportation and logistics, IT and telecommunications, Others (automotive, education, and energy and utilities), by Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Size and Forecast, 2015-2025”- The global Blockchain Technology market is estimated to grow at a significant rate, during the forecast period 2018-2025 due to Transparency and immutability, faster transactions, reduced total cost of ownership. In addition, the blockchain technology market is majorly driven by the growing adoption of the technology by financial institutions which are disrupting the financial industry by modifications in business operations.
Moreover, increasing equity capital funding and investments in the blockchain technology, increasing application of the blockchain technology in retail and supply chain management are other factors estimated to accelerate the growth of the market in the next few years.