Blockchain

Walmart recommends Certain Produce Suppliers to Impart Blockchain Technology

Walmart

The U.S. based retail giant Walmart and it’s division Sam’s Club, a membership-based retail warehouse club, will request suppliers of shady greens to execute a farm-to-store tracking system deployed on blockchain technology as reported by Reuters on 24th September.

With the end-to-end traceability system in place, it is run through distributed ledger technology (DLT) developed by computing giant IBM. As per the valid report, Walmart will request suppliers to execute blockchain technology by September 2019.

Amid this, Frank Yiannas, the company’s Vice President of Food Safety stated that “Walmart will require a similar traceability system “for other fresh fruit and vegetable providers within the next year.” With this, Walmart informed Bloomberg that more than 100 companies will be required to implement IBM’s blockchain service in the days to come.

Further speaking to the subject matter, Walmart claims that blockchain technology implementation will definitely improve efficiency. With this, Frank Yiannas organized traceability experiment with sliced mangoes by having his team to track that product back to a farm saying that “It took them nearly seven days, as the methods of tracking today are antiquated — sometimes done with pencil and paper.”

The company profusely stated that with the help of blockchain technology the entire process will take just 2.2 seconds to complete.

Amid this, the U.S. Centers for Disease Control and Prevention (CDC) consulted Walmart to raise product traceability so that it can help health officials track and manage the outbreaks of foodborne illnesses as reported by Reuters.

Beginning of this year, five people died and dozens more were hospitalized in a sudden increase of the E. Coli virus in the U.S. There are more than 200 people were infected in total as per the valid estimate of CDC.

Besides this, Walmart applied for tech-related patents for various different blockchain applications naming the methods for managing smart appliances, healthcare information system and improvement of secure deliveries among others value added patents. Besides Walmart, nine other companies are expected to have partnered with IBM to launch a blockchain-based system for executing a variety of activities namely tracking food through its supply chain globally in June this year.

About the author

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Shalin Soni

Shalin joined CryptoNewsZ as Associate Finance (Cryptocurrency Research & Analysis) in 2018 and has 10 years of collective experience to work on financial modeling and financial planning & analysis activities (fp&a) domains. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a.
You can also mail him at [email protected] to discuss anything related to his reports.

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