Carrefour and Nestle partnered recently in order to use IBM’s blockchain technology to easily track French convenience food. Following the announcement that we have in our coming altcoin news, we find out more on the partnership.
The French supermarket chain and the Swiss-based food giant decided to use blockchain technology for improved food tracking. Both Carrefour and Nestle are a member of IBM’s Food Trust blockchain platform. They will use the technology starting today to better track the supply chain on the popular mashed potato brand Mousline.
When the procedure is complete, the customers will be able to scan a QR code with their cell phones and will be able to instantly check where the potatoes come from. The customers can check every single packet of instant mashed potatoes as well as their journey from start to finish. According to Carrefour and Nestle:
“Using the QR code on the product’s packaging, each consumer will be able to use a secure platform on their smartphone to access information on the production supply chain, including the varieties of potato used, the dates and places of manufacture, information on quality control, and places and dates of storage before the product reaches the shelves.’’
The decision to use IBM’s blockchain technology comes one day after the supermarket chain from the United States Albertsons stated it was going to use Food Trust for one of its products. Albertsons will use the blockchain technology to track the iceberg lettuce origins and other products are waiting in line as well.
As reported in our latest cryptocurrency news, Carrefour and Nestle continued to explain in the press release:
‘’ This partnership is based on the shared values of each company to bring consumers greater transparency in the food sector. By simply scanning a product using a smartphone, consumers will receive reliable and unfalsifiable information on the supply chain and production.”
Carrefour has been in the news before for attempting to use blockchain technology in order to be able to track the origins of the milk in its stores. Currently, there are about five million different items in the store shelves that are tracked with the help of blockchain technology.
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“We are excited to see how the market and the community will adopt this new programming language in decentralized applications, on cryptocurrency exchanges and in institutional finance.’’Unlike the other ‘’broad’’ programming languages that are used for the majority of the blockchain development, Lira will be ‘’domain-specific’’ which means that they will only be able to describe and perform a limited set of instructions. Lira will enable the counterparties to write, collect and verify the terms of the self-executing contract. Ross also explained that the typical length for scripting a financial contract in Lira that is between 6-10 lines of code:
“Essentially, financial contracts are trivial computations, typically involving a lot of money, making them a highly suitable use-case for domain-specific programming languages. It can only describe a very limited set of instructions but does so with the highest level of competence and integrity attainable.”The broad languages like Solidity which is the native scripting language used for Ethereum, enables a wide range of use cases but still poses a risk. Ross mentioned the DAO hack where the malicious actors managed to exploit the decentralized autonomous organization's code and stole 3.6 million Eth as we previously read in the reports of the best cryptocurrency news sites.
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''The lack of volatile drop from yesterday wedge break was exactly why I was cautious. Re-test of wedge currently rejected. Sym triangle has now formed (second image). Expecting decisive break by 24 hours.’’This morning, Bitcoin has been able to build some more strength as it nears at the resistance level of $10,400 which could be followed through by an extension of the upward momentum. Another popular crypto analyst on twitter Chronis Trading, shared his thoughts on BTC’s current price action saying that it is starting to build some strength:
“Starting to see some more ‘strength’ here as #bitcoin continues to find stability in the low $10K’s… Alts starting to take advantage of bitcoins ranging stability.’’As per the reports in the latest cryptocurrency news, the weekend ahead will prove to be quite illuminating for which direction the entire crypto trend will shift in the upcoming months as any decisive break above $10,800 could start a huge uptrend.
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