Companies across multiple sectors are expediting their adoption of blockchain, a decentralized ledger technology that can offer more transparency and efficiency for business operations.
Gartner — an international research and advisory firm — has announced its forecast that by 2025, a fifth of the world’s top grocers will be implementing blockchain-powered solutions in their operations, especially in the areas of traceability and food safety.
According to Techwire Asia, blockchain technology will help grocers better control and understand the production, quality, and freshness of their products. Should the data be shared with end consumers, it may also provide more incentive to buy from grocers using this technology, particularly for customers concerned with buying organic and locally sourced goods.
Gartner’s Senior Research Director Joanne Joliet said, “Blockchain can help deliver confidence to grocer’s customers, and build and retain trust and loyalty. Grocery retailers are trialing and looking to adopt blockchain technology to provide transparency for their products. Additionally, understanding and pinpointing the product source quickly may be used internally, for example, to identify products included in a recall.”
The research and advisory firm cited examples of grocers already using blockchain technology. Walmart is requesting suppliers of leafy greens to use a farm-to-store tracking system on a blockchain platform, while Unilever and Nestlé have adopted blockchain solutions as a way to trace food contamination.
According to Joliet, “As grocers are being held to higher standards of visibility and traceability they will lead the way with the development of blockchain, but we expect it will extend to all areas of retail.”
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