Blockchain’s Application In Supply Sector Takes Shape
Retail giant Walmart is taking the lead with plans to set up a blockchain technology in the supply of foods.
More Industries Warm Up To Blockchain
Blockchain technology continues to gain popularity in the mainstream sector due to a number of benefits. As a result, different ventures have been exploring the technology to determine the role it can play in their systems.
Some of the sectors looking into blockchain include, healthcare. Studies are being conducted to determine if the platform can be deployed to store patient data in a secure environment. In Europe, experts believe that blockchain can be used to enhance trade after the Brexit between Ireland and North Ireland.
To date, blockchain has offered notable solutions in the supply chain industry. Following application of the technology, firms are now coming onboard to embrace it.
Walmart Turns To Blockchain To Clear Supplies
Late last month, it emerged that Walmart was working on a plan to use blockchain in the supply of food. The partnership was to be undertaken in collaboration with IBM. Suppliers of lettuce to Walmart will kick-start the partnership when they start recording data on blockchain from next year.
Blockchain gained momentum in April after cases of E.coli were reported. Over 200 people were affected. In fighting such diseases that result from food, it is key to determine the batch of food that is infected. After identification, they can be eliminated from the market before being sold. At the moment, the process of identifying foods lasts for seven days and if blockchain is integrated it will only take 2.2. Seconds.
Generally, the supply chain sector comes with complications that need arising from a number of challenges to operate across borders. People who believe that blockchain can be used to tackle some of these challenges are on the rise.
According to an expert from Penn State, Walmart’s deal raises hope for utilization of blockchain in the mainstream sector. According to Prof. Richard Young, the technology will greatly benefit Walmart in tracking supplies since they are in large numbers.
Elsewhere at the Michigan State University, Prof. Tobias Schoenherr said that from initial tests, blockchain technology appeared to be promising in supply. He added that we still need a lot of research in order to achieve a large scale blockchain adoption.