The financial services giant Mastercard may have left the Facebook cryptocurrency Libra behind, but the company recently unveiled its plans for a partnership with the retail giant Topco. As it stands, Mastercard and Topco have big plans for blockchain – and are looking to move into the world of blockchain-powered food supply chain traceability.
An official press release notes that Mastercard started working with the blockchain provider Envisible and Topco – the latter of which is America’s largest retail food group purchasing organization.
In the compliances, we can see that pilot launch will be launched at the participating Food City stores. Seafood products, on the other hand, will be traced using blockchain technology which provides “a better line of sight into ethical sourcing and environmental compliance” for salmon, cod and shrimp products. There will be a plan to expand to other items as well.
Mastercard and Topco will create a blockchain-based Provenance Solution for the pilot, the financial services giant confirmed.
Earlier in October, Topco joined IBM and its Food and Trust Blockchain Network, which was when it was featured in our news. The blockchain news today, however, show that Topco is serious about its network and wants to radically transform it.
From this, we can see that both Mastercard and IBM are also serious about their plans. While Mastercard wants to establish clear guidelines for blockchain, IBM’s cloud network is expected to rise as it offers participating retailers, suppliers, growers and food industry providers with real-time data across the entire ecosystem. This will enable greater traceability, transparency and efficiency, as IBM noted.
Mastercard and Topco will join the new partnership. As the news show, Mastercard filed “over 100 blockchain patents” and stated that it is “the number three globally among top blockchain innovators.” The company also cited data from a 2018 report by the intellectual property firm IPRdaily.
“We recognized the importance of serving the [fintech] sector on its own terms and making our capabilities more easily accessible for them,” the chief at Mastercard North America Craid Vosberg said in an interview with Fortune.
Vorsberg also added that Mastercard and Topco want to “expand the means by which they are capable of moving money.”
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