- Tracking of orders through Blockchain technology by Carrefour.
- The building of trust to its users by the food industries.
- Carrefour introduced the tracking service for food items.
Introduction of Blockchain in Food Industry By Carrefour
The multinational company Carrefour will be using the digital service – IBM’s Blockchain to track the orders. The retail firm believes in keeping its hold on the channels which supplies food items from farm to the stores. In the first phase of the agreement between Majid Al Futtaim and Carrefour, the IBM Food Trust will cover only two food categories – chicken and microgreens. This food chain is designed to protect the food industries. According to the recent Gulf Business reports, Carrefour will provide the facility of scanning QR codes on the products to find out information about the process of production.
Need of An Hour- COVID19
Carrefour achieved around $97 billion in revenue in 2019. Seeing the firm’s success ratio, it decided to facilitate more options to its clients to increase revenue figures and the popularity of delivering goods with accurate and genuine information. The information will include the original date of the product, date of production, tracking of items, transport details, ingredients used, all the certifications, including health and Hala certifications, nutritional values and the temperature for storage.
Gulf Business refers to IBM service, which ought to provide 73% of products’ traceability to the users. Seeing the services provided by it, even respondents willingly agree to pay extra for the services. The ratio of these people includes 71% of the people. Due to the outbreak of pandemic COVID-19, the food items’ safety was a critical issue to cover, as said by Hani Weiss, the CEO of Majid Al Futtaim Retail. He adds to the comments by stating the use of blockchain technology, resulting in improved operational efficiency with trust and loyalty. Thus to maintain the factor of faith, the firms decided to opt for traceability for the consumers. According to reports by Cointelegraph consulting and Vechain, $300 billion worth of food would be tracked and traced on the blockchain by 2027.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.