business news in context, analysis with attitude

The Wall Street Journal reports that 10 of the world’s biggest food companies - retailers Walmart and Kroger, and suppliers that include Dole, Driscoll’s, McCormick, Nestle, Tyson and Unilever - are “building a blockchain to remake how the industry tracks food worldwide. The so-called Food Trust aims to improve recalls, quickly identifying the issue and shrinking the time consumers are at risk. Business benefits such as avoiding losses from overly broad food recalls are also expected.”

The story notes that “blockchain establishes authorship or ownership that experts say can’t be faked and eliminates costly middle layers because of its peer-to-peer structure. The encrypted data stays up-to-date on all participants’ systems.” After a year of testing, the story says, “the system stores data related to 1 million items in about 50 food categories, according to IBM.

You can read more about it here.
KC's View: