Walmart is currently one of the largest food and consumer goods retailers on the planet with revenues running into billions of dollars. Recently it announced the blockchain applications it has been developing to make the supply chain more transparent and secure. With partnership from the university of Beijing Tsinghua and IBM, Walmart have announced the success of the project in initial trials where it has been used to track food production, manage food tests and helps to recall tainted or dangerous items.
#”This is just the start of our blockchain exploration. We plan to continue to test the technology, by including more data attributes, for example. And we will continue to test how we can use it to improve food traceability and transparency by collaborating with others throughout the supply chain. This means farmers and suppliers and other retailers.”
Supply chain applications for the blockchain have also been explored by various other companies in the shipping industries too. Walmart also hopes to expand blockchain technology to create a solution to manage delivery vehicles which will be unmanned like drones used by the likes of Amazon for delivery of goods.
To conclude, the integration of the blockchain technology into a consumer retail company is set to have lots of potential benefits for the considers and companies alike. The company also highlighted how the blockchain would allow tracing of supplies making recalling of faulty products much easier but much quicker as identification of dangerous products can be instant. The company also highlighted how the Chinese pork markets were one of the factors which increased the need for the project as tainted meat products from the region have become a huge worry for retailers.