World’s second-biggest grocer joins IBM Food Trust Blockchain | SimpleFX Blog

The world’s number two supermarket business in terms of sales, Albertsons Companies, has now joined up with the Food Trust Blockchain by IBM. This digital system tracks and traces food between suppliers and retailers.

Romaine Lettuce

Albertsons is a company based in Boise, Idaho, that has almost 2300 stores in the U.S. These include Shaw’s, Safeway, Jewel-Osco, and Acme chains. According to The Balance Small Business, it came into second place for supermarket sales in 2017 with $57 billion — Kroger was first. With the addition of Albertsons, there are over 80 brands that are involved in the Food Trust.

“Pièce de résistance”

This seems to be an exciting proposition. Recently, Food Trust recruited Carrefour, one of the largest Supermarkets in Europe, alongside other giants in the food industry like Nestle, Walmart, Tyson Foods, Dole Foods, Unilever, and Kroger. There have been over 500,000 traced conducted on this platform up to now. A trace represents one lot. There can be different numbers of items in each lot, depending on the company.

Strength in numbers

Walmart and IBM have been testing blockchain in this way from 2016. There was a proof of concept complete with the Tsinghua University of Beijing that centered on the pork market in China. This is a massive market yet the time was reduced to minutes rather than days.

Shorter Timescales

According to Nanavati, Albertsons has begun to think which product categories to add next. However, the focus has to be on ensuring the success of the romaine lettuce pilot. Usually, this takes many months, but with this new method, it is set to take mere weeks.

Walmart

Originally published at blog.simplefx.com on April 15, 2019.

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SimpleFX is an ergonomic trading platform, providing traders across the globe with cutting edge technology, ultra tight spreads and transparent conditions.