One of the paramount ways Walmart is employing blockchain is to ensure food safety and traceability. The ability to trace food products from their source to store shelves is paramount for customer trust and regulatory compliance.
Why blockchain is required?
Blockchain helps in the verification and traceability of multistep transactions needing verification and traceability. It can provide secure transactions, reduce compliance costs, and speed up data transfer processing.
Why do businesses need blockchain?
Blockchain is an immutable and decentralized ledger that makes it easier to record transactions. Due to this, the trustworthiness, security, transparency, and traceability of financial processes across a business network can be significantly improved.
How Walmart used blockchain to increase supply chain transparency?
“Using the IBM Food Trust network that relies on blockchain technology, we have shown that we can reduce the amount of time it takes to track a food item from a Walmart Store back to source in seconds, as compared to days or sometimes weeks,” Walmart wrote in a letter to suppliers.
When did Walmart use blockchain?
2018 In 2018, Walmart partnered with IBM to create a blockchain-based food traceability system. The system is currently being used to track leafy greens, mangoes, and other produce. Walmart plans to expand the use of the system to other products in the future.
Why do companies use blockchain?
Blockchain creates an unalterable record of transactions with end-to-end encryption to shut out fraud and unauthorized activity. Additionally, data on the blockchain is stored across a network of computers, making it nearly impossible to hack, unlike conventional systems that store one copy of the data on servers.