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Food Trust Group Established to Promote Blockchain Technology

07/08/2018

Dow Jones has reported on the advances made by the Food Trust in introducing blockchain technology to trace food products from ingredient source through to point-of-sale.

 

The Food Trust comprises Walmart Inc., Nestle SA, Dole Food Co., Driscoll’s, Golden State Foods, The Kroger Company, McCormick, Tyson Foods Inc. and Unilever NV.  As competitors these companies recognize the need to cooperate in developing a standard system.

 

Blockchain technology was developed by International Business Machine Corporation for a variety of applications including tracing products through the food chain, recording interbank transactions and for air transport and pharmaceuticals.  Blockchain technology clearly establishes ownership and records intermediate nodes in a chain.  The integrity of blockchain is superior to current documentation procedures which are subject fraud, error and delays in establishing the history of ownership of products and components.

 

Blockchain technology will be instrumental in complying with future legislation and regulations including FSMA.