Topco Associates recently announced that it would be pilot testing Mastercard’s blockchain solution to food traceability. Topco will utilize the blockchain system to trace where its supplies of meat, seafood, and other produce originated.
Press Statement Released on Oct. 27
America’s largest food cooperative revealed it would test run a traceability platform designed by logistics company Envisible. However, the firm’s blockchain platform is founded on Mastercard’s Provenance Solution.
It is a three-way partnership that aims to give a better view of the environmental compliance, and ethical sourcing of the products consumers find in stores. The project will mainly see Topco trace the origins of food using Envisible’s streamlined solutions. The Mastercard platform will power the entire system, and the project will reportedly commence in Food City, a grocery store associated with Topco.
Blockchain technology could have a significant impact on the world’s food ecosystem, and the food supply chain is one area where it could make a difference. There’s a lot of room for improvement here, particularly in terms of data recording, ownership records, and other areas that are inefficient.
Food traceability has also been in the center of discussions on food safety. It has become more vital as the present communication framework has made the global food ecosystem exposed to adulterated and counterfeit products. It’s the reason more blockchain firms are focusing their efforts into transforming the food industry by introducing dependable and traceable networks.
A food traceability solution is more imperative now as consumers are more conscious of what they put in their shopping carts. Shoppers also expect vendors to give them a degree of transparency to satisfy their questions about their purchases.
Positive effect of Blockchain
IBM and Mastercard have demonstrated several times the positive effect blockchain will have on the world’s food ecosystem. Now, several large food suppliers have also taken steps to integrate blockchain into their company.
Migros, the biggest supermarket chain in Switzerland, launched a project in tandem with TE-FOOD back in August. The latter’s distributed ledger technology aims to bring critical transparency and safety to the Swiss food industry. Meanwhile, Walmart leveraged the technology to track its shrimp supply chain starting in October.
It’s not surprising that Mastercard is spearheading the campaign to track massive food supply chains. Deborah Barta, Mastercard’s Senior Vice President of Innovation and Startup Engagement, explained that the company already has an established network and scaled technology that can meet the challenge.
Barta added that the company’s innovative services would also help address any inadequacies in the back-end. This feature will also install credibility and trust in the whole system.