Blockchain technology is now under radar of lots of companies and many of giant companies/corporates are conducting research on use of blockchain technology on their business field. Retail giant Wal-Mart stores along with IBM are testing blockchain based system on mangos in the United States and pork in China.
According to Wal-Mart's food safety Vice president Frank Yiannas, blockchain technology have potential to create digital and transparent food system.
Blockchain technology enables different parties/people in food supply chain to share details such as the date an animal was slaughtered or the weather conditions at harvest time. This data will be stored in a photograph which can be shared easily via smartphones and dedicated platform.
"The advantage of blockchain is that the ledger is immediately updated and all the parties have access to the latest information," said Bill Fearnley, Jr. an expert at market intelligence firm IDC.
This technology allows companies to locate the reason behind any possible incident quickly so they can address those problems as soon as possible.
In 2006, it took hundreds of investigators and more than two weeks to find out the source of bad spinach. But this blockchaintechnology based system is believed to take only few days or hours to find out the root cause/source of food hazards. This is also believed to counter fraud and mistaken deliveries.