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2899
$212,512,043,797
$1,223,619,921
69%
Major grocery chains plan on deploying the blockchain technology as part of their business strategy

Gartner Inc. - a leading research company, included in the S&P 500 index, stated in a report that food and groceries are moving rapidly in terms of quantity and quality worldwide. Customers demand more and proof-ready fresh food. Customers want to know how, when and with what ingredients their food was prepared. Store owners can earn customer trust with adhering to standards and getting their process “transparent” for their customers.

“Blockchain technology is the perfect tool to keep track of every single product on the market and gain customer trust,” Joanne Joilet – research director at Gartner stated in an interview.

The transition to blockchain for the retailers can guarantee them proven and transparent product movements from source to end customer. Retailers can also see precisely at which stage in the food processing workflow the products have been stored not according to standards, resulting in recalls”, Joilet added.

Big food and groceries giants such as Unilever, Nestle, and Walmart are already experimenting with blockchain applications. Walmart utilized a farm-to-store vegetable tracking system, based on blockchain, while Nestle and Unilever are using blockchain-based food contamination tracing software.

“Health, sustainability, and safety are major concerns in modern day society. Blockchain technology provides excellent transparency for everyone to monitor the production stages of a meal. Financial institutions are adopting blockchain to make cross-border payments cheaper and safer. All kinds of retailers are using cryptocurrencies as a payment method. Grocers need to adhere to the new ecosystem that blockchain technology is providing. Also, they will be a key part of blockchain advancement.”, Joilet stated.

Furthermore, blockchain technology is great when it comes to encrypting data from food sources, warehouse temperatures, and processes. Blockchain provides a trustless approach to data, ensuring product freshness in all steps of the supply chain.

Blockchain S&P 500 Food

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