Wal-Mart together with a group of nine global food giants are using IBM Blockchain platform to track their food supply chains. The companies significant benefits in adopting the technology. For example, it allows them to easily identify the farm where contaminated produce came from. Normally, it takes weeks for companies to determine the source of food-borne illnesses such as salmonella, e-coli infections. A company with a blockchain-based network can pinpoint the source of the contamination in seconds.
Earlier this month, IBM together with the Bank of Montreal (BMO), CaixaBank, Commerzbank, Erste Group and UBS launched a blockchain-based trade finance platform called Batavia.
In January, IBM and Maersk formed a joint venture to develop a global trade digitalization platform using blockchain technology. Their objective is to provide more efficient, secure, simple, and transparent methods for shipping goods across borders and trading zones. General Motors and Procter & Gamble are among the global corporations that are already exploring ways to use the joint venture’s platform.
