Behold the blockchain. The disruptive new technology promises to make traditional paper ledger-based transactions obsolete, replaced by digital ledgers. Headlines appear every day heralding how blockchain technology will revolutionize financial services markets, which remain burdened by unwieldy paper trails and costly proprietary software applications. But blockchain technology will also have a transformative impact on the food industry and many other industries. From cost savings to removal of intermediaries to more efficient and precise tracking of contamination, the food business will derive many benefits from blockchain.
None of this is lost on titans in the food industry and technology giants are focused on blockchain, too. IBM has announced a blockchain collaboration with food giants including Walmart, Unilever and Nestle. Big Blue has announced that it will help global food businesses use its blockchain network to trace the source of contaminated food instantly. Because blockchain uses digital means to track transactions and trace the flow of food, contamination trails can be solved by data-centric means rather than paper-based ones. Officials from Walmart have demonstrated how this kind of contamination tracking can take place in under three seconds.
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