For those of you who don’t know, many best cryptocurrency news sites this year published stories about Walmart adopting blockchain. And while the supermarket chain is ready to pursue the technology and create a food traceability system, people are asking themselves how will Walmart accomplish that in detail.
Along with IBM, Walmart has already tested two proof-of-concept projects in order to examine its envisioned system. The first project deals with tracing the origins of the mangoes being sold across the Walmart stores in the US, while the other one wants to trace the pork meat being sold through the company’s different Chinese outlets.
When it comes to efficiency, the research team at Walmart claims that by using this new system reduces the time needed to trace the firm’s provenance – from seven days to just 2.2 seconds. But how will Walmart actually use this data?
The truth is, Walmart will adopt blockchain in order to react faster whenever an outbreak of a big magnitude occurs. Whether it’s its customers drinking contaminated milk (which happened a decade ago) or other food scandals, Walmart can track everything and use the Hyperledger Fabric-powered blockchain system to trace the origins of over 25 products from five different suppliers.
In this regard, the firm has also announced that it will soon be requiring all of the vegetable suppliers to adopt a new system and enhance operational transparency as well as internal accountability. According to Karl Bedwell who is a senior director at the company:
“Creating a (traceability) system for the entire food supply ecosystem has been a challenge for years, and no one had figured it out. We thought that blockchain technology might be a good fit for this problem, because of its focus on trust, immutability, and transparency.”
This probably answers the question of “how will Walmart use blockchain to improve its operations.”
Meanwhile, the company is also seen exploring the Chinese supply chain market. The latest cryptocurrency news show that Walmart China along with VeChain, PwC, CCFA and Inner Mongolia Kerchin Co Ltd. created a traceability platform on top of the VeChainThor blockchain.
There are many other blockchain-based initiatives for Walmart which were in the altcoin news so far. These include a drug distribution platform, a blockchain-based drone communication system and many other examples proving that Walmart is one of the leaders when it comes to blockchain solutions.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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