The future of the Blockchain in Business
In recent months, many global businesses have started to incorporate the blockchain into there everyday operations. This is because the technology behind the blockchain seeks to enhance customer experience by improving efficiency but more importantly, building a more trusted network.
In recent weeks we have seen big names like Fujitsu back cryptocurrencies like IOTA at the Hannover Messe trade fair. Rolf Werner, the Head of European Fujitsu enterprise states;
“IOTA will soon be recognised as the new global automation standard”
Walmart Files Blockchain Patent
This is just one example of how cryptocurrencies have become the backbone for technological advancement for many companies. One such business is Walmart Inc. The U.S. based retail corporation announced it was considering applying Blockchain technology in operating its live food business.
This announcement was made by the corporation’s Vice President of Food Safety and Health, Frank Yiannas. He said the technology would decrease the time taken to track produce from six days to two seconds.
Walmart further stated that getting suppliers to put food on a Blockchain, because it will reduce waste, as well as improve contamination management and transparency.
Walmart the world’s largest discount retailer started testing Blockchain technology back in 2016 when they partnered with IBM. Together, they began to test the ability for the blockchain to identify and remove food items that had been recalled. Therefore, enabling Walmart to verify product information and tracking.
In March this year, Walmart filed a patent for the “Smart Package” system which is able to track package contents, environmental conditions, location, and other details. The aim of the smart packaging system is to enable emerging technologies like unmanned drones and autonomous vehicles.
Walmart won’t be the first global retailer to use this technology. There are other retailers in the field like JD.com. This China-based E-commerce site is using the technology to guarantee the quality and origin of their meat. Through Blockchain, their customers can track their meat right from the farm to processing, to their doorstep.
The Future of Business is the Blockchain
Below is a feature from Vice News on how a company is using the blockchain to track product information.