Following the release of IBM’s much hyped World Wire product, the U.S. tech giant is now further solidifying their position in the blockchain industry with the introduction of a new product that makes tracing food significantly more efficient.
The product, called the IBM Food Trust Platform, has been in the testing phase for the past 18 months, and is just now going live for use by global retailers, logistics companies, wholesalers, and suppliers, who manage the global food ecosystem.
The Food Trust Platform offers a solution to the growing number of companies, including Walmart, who are requiring that suppliers keep track of the entire supply chain of various food products, starting from their origin.
The newly released platform will utilize cloud and blockchain technology to act as a ledger for food items, keeping track of data including their harvesting, packaging, shipping, and sale. This system will ensure that sellers of these items, like Walmart or other major grocery chains, know that everything is fresh and on-par with their standards.
Bridget van Kralingen, the senior vice president for IBM Global Industries, spoke about the importance of their new blockchain-based product, telling Forbes that:
“The currency of trust today is transparency and achieving it in the area of food safety happens when responsibility is shared. That collaborative approach is how the members of IBM Food Trust have shown blockchain can strengthen transparency and drive meaningful enhancements to food traceability. Ultimately, that provides business benefits for participants and a better and safer product for consumers.”
Currently, major retailers across the globe have taken to the Food Trust product, including French retailer Carrefour, Nestle, Kroger, Unilever, and Tyson Foods among others.
IBM Solidifying Its Position As a Giant in the Blockchain Industry
The Food Trust product is simply the latest of many IBM blockchain-related initiatives that are aiming to implement blockchain technology into every aspect of modern business and life.
Recently, the company released its much-anticipated World Wire system, which is in direct competition to the settlement services offered by fintech company Ripple.
The new service allows financial institutions to conduct cross-border transfers in real time, using the Stellar blockchain and cryptocurrencies of the institution’s choice. If widely adopted, the service could jeopardize the monopoly that Ripple currently has on the blockchain-based international settlement market.
In addition to the World Wire product, IBM is also backing stablecoin project, Stronghold USD, that is aiming to develop a digital version of the U.S. Dollar, which offers all the benefits of cryptocurrency without the volatility.
In order to set itself apart from the slew of stablecoins entering the market, Stronghold USD will be backed by the Federal Deposit Insurance Corporation (FDIC), which entirely reduces the risk of utilizing the cryptocurrency for digital transfers and transactions.
The variety of blockchain and cryptocurrency products being offered by IBM will likely secure their position at the forefront of the industry as adoption of the nascent technology continues to grow on a global scale.