20 percent of the top 10 global grocers will use blockchain by 2025, according to information released by research firm Gartner Inc on April 30.
Per Gartner, the main advantage of blockchain for grocers is that it provides a high degree of transparency.
For grocers, this means they can use blockchain as a way to convey reliable information to their customers and retailers. Gartner even claims that blockchain “appears as an ideal technology to foster transparency and visibility along the food supply chain.”
Gartner says that grocery sales are increasing globally, and that consumers now know more about a food’s source and freshness, as well as the provider’s efforts toward sustainability.
“Grocery retailers who provide visibility and can certify their products according to certain standards will win the trust and loyalty of consumers,” it says.
Gartner also points out that there is potential for internal usage by retailers, who may avail themselves of data collected on a blockchain platform to quickly determine the source of a recalled product.
Gartner’s Senior Director Analyst Joanne Joliet posits that grocers will “lead the way with the development of blockchain.”
A number of companies are already experimenting with blockchain to ensure the quality of their food products. Gartner cites Walmart, Unilever and Nestlé as among their ranks; the former is using blockchain for a “store-to-farm” tracking system, while the latter two are using the data to track food contamination.
As previously reported by Cointelegraph, Walmart, Unilever and Nestlé are all partners of IBM Food Trust, a blockchain-based food tracking network. IBM Food Trust has also partnered with Dole Food Co., Driscoll’s Inc., Golden State Foods, Kroger Co., McCormick and Co., McLane Co., Tyson Foods Inc. and Unilever NV.
Author: Cointelegraph By Max Boddy
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