Is blockchain the future of traceability for consumer goods?

#Discussion(General) [ via IoTForIndiaGroup ]

One of blockchain’s greatest benefits is its efficiency. Walmart revealed that it allowed mangos to be traced back to their point of origin in little more than two seconds – something that would have taken almost a full week using traditional techniques.

Consumers are more concerned than ever about the provenance and sustainability of the food on their plate, and will gravitate to those brands able to provide them with the information they seek.

Authenticity and sustainability

Blockchain can be used to tackle counterfeiting too. A significant problem for high-profile wineries and distilleries, the presence on the market of fake wine and spirits costs the EU around €2.7 billion a year.

The scale of the issue prompted technology company Everledger to take action. The company, whose blockchain was already employed by the diamond industry, entered into a partnership with Avery Dennison to create digitally traceable wine labels. Initially rolled out with Wine Trade Network’s “Appellation Earth” wines from Napa Valley, each label contains a unique digital identity, recorded on Everledger’s blockchain. Using NFC technology, retailers are able to identify the provenance of individual bottles, tracking them at each stage of the supply chain.

Restaurants, for example, can struggle to guarantee the quality of the food they serve to their customers. And, in light of the Polish beef scandal and the recent E.coli outbreak that forced the US Centers for Disease Control and Prevention to issue a blanket warning against eating Romaine lettuce, this is clearly not good for business.

In an effort to address this issue, Avery Dennison recently announced a partnership with the Wyoming Business Council and Beefchain, the first company to place cattle in a blockchain, allowing consumers to track the meat on their plate back to the ranch on which it was raised. Using RFID tags, each individual case of beef carries a digital identifier. Hashed into Beefchain’s blockchain, these identifiers allow each case to be quickly, accurately, and securely traced throughout every step of its journey.

Read More..