Global: Grocery giants Walmart and Sam’s Club are calling for their lettuce suppliers to get on the Blockchain movement. Suppliers providing leafy green vegetables to the grocery chains will need to upload data about their foods to Blockchain within a year, as per the companies. Blockchain by now and the Blockchain Technology are reshaping the whole of information technology arena. Hence, this Blockchain market will promulgate significantly in the near future as this technology will be used for daily business transactions.
The companies emphasized an E. coli outburst in romaine lettuce that in recent times affected more than 200 people and salmonella in products such as eggs and breakfast cereal. Using Blockchain and keeping the information digitally, a dealer could see which farms are infected and swiftly discontinue the stock to restaurants and consumers. Walmart has been able to locate affected areas and get the foods out of grocery stores, millions of heads of romaine lettuce had to be removed from the market, and customers lost confidence regardless of the area it was developed in. With Blockchain, all fresh leafy greens suppliers are anticipated to be able to trace their products back to farms “in seconds – not days,” Walmart said in a letter to suppliers. Direct suppliers will be required to follow to Walmart’s standards and enable end-to-end traceability back to farms.
Companies including Amazon, Facebook and Microsoft have all proclaimed the fact that they’re doing work in Blockchain; this is one of the early and very few concrete use cases declared by a major Fortune 500 company. Walmart has been channeling the technology on IBM’s Food Trust Blockchain for 18 months, using it to trail everything from mangoes to chicken. The outcome is a decrease in the time it takes to track a food from a Walmart store back to the source to minutes, compared with days or sometimes weeks. Blockchain is the technology that triggers cryptocurrencies such as bitcoin. It records transactions on a public, distributed ledger, gets rid of the need for a third party in most cases and is touted as faster and more secure by advocates. While Walmart did not say how much the Blockchain move would cost farmers, IBM launched a site to walk suppliers through onboarding and targets to implement a “user-friendly, low-cost” transition.
According to the industry analysis of BlueWeave Consulting, Blockchain technology is a vast arena that can be utilized for various markets since it is hassle free and easy. The Blockchain technology market is a significant market and is expected to grow at a robust speed with significant CAGR. Blockchain industry is unquestionably the future of the information technology industry and other industries as well. Blockchain is transparent and also incorruptible. Blockchain makes transactions simple, faster and since all the information is encrypted, there are always lesser chances of data getting corrupted or stolen. The market for Blockchain technology is increasing and expanding as days are passing since people and organizations are finding it more viable and secured. Thus, more and more industries are venturing into this market and it is estimated to be an important and growing market in the near future.