IBM’s is now all set with a blockchain-based electronic supply chain ledger in order to have a track on- food from farm to shelf, made commercially available and is recognized to be one of the most effective methods by the leading global retailers and suppliers.
With IBM announcing today about its blockchain-based electronic distributed ledger going commercial, this will lead in tracking and tracing the food supply chain data, starting from farm to store shelf. This will lead to a more systematic and advanced inventory management and less the scope for any mishaps.
Under the development process over the past 18 months, IBM’s Food Trust ledger has the ability to allow food retailers, suppliers and harvesters to have a view on the supply chain data in real time which will lead to a better transparent and efficient method of determining the origin and the safety of products. While the Suppliers and their manufacturer consist of performance scorecards that are later compared with service-level contracts. This will facilitate the segments of the flow chain to have a complete picture of how much is consumed and paid for orders over a period of time. The formats of scorecards may vary greatly on the bases of the supply chain and the product under discussion.
but just note that the ability to use blockchain in a commerce network for identifying a single version of performance may not only save time and effort but also standardize the functioning of supply chain and enables its participants to rate each other.
With the simplifying on-farm and front-office reporting and putting data into the blockchain, IBM Food Trust led Dole to unlock the value of data across suppliers in a cost-effective way states Natalie Dyenson, Dole’s vice president of food safety and quality.