Foodchain: how blockchain conquers the real world

Foodchain: how blockchain conquers the real world

A lot of food giants explore how to apply blockchain technology to their food supply chains.

Some people use blockchain just as a PR tool or some sort of fashion statement showing that they’re keeping up with the hottest trends in technology, whereas others actually utilize the developments taking place with this technology. But is it really necessary for the food industry? What would they even use it for? Let's try to figure it out.

Real Blockchain

Retail and food giants, such as Unilever, Nestlé, Dole, and Coca-Cola, are aiming to use blockchain to maintain secure digital records and improve the traceability of their foodstuffs.

These companies see distributed ledger technology as an opportunity to revamp their data management processes across a complex network that includes farmers, brokers, distributors, processors, retailers, regulators, and consumers.

Walmart has already run two blockchain experiments in partnership with IBM. One involved tracking Chinese pork with the other involving tracking Mexican mangoes.

For these trials, Walmart used Hyperledger Fabric, a blockchain originally built by IBM and now housed under the Linux Foundation’s Hyperledger group. This is the preferred blockchain of IBM, which has been marshaling clients to try the tech across industries as varied as private equity, banking, government, and healthcare.

Those discussions proved to be fruitful. The industry group includes members such as Kroger, McCormick &Company, McLane Company, Driscoll’s, Tyson Foods, and Golden State Foods.

Coca-Cola is one of the latest companies to announce that they too are going to utilize blockchain technology. However, the way they are planning to use it is kind of surprising. They are looking to implement blockchain technology in an effort to fight forced labor, and have already teamed up with the U.S State Department and a trio of crypto organizations (Bitfury Group, Blockchain Trust Accelerator, and Emercoin) to launch a pilot project.

Advantages for consumers

The usage of blockchain in retail can make a real difference for consumers. By simply scanning a QR-code with a smartphone, customers can learn important information such as data about the animals’ birth, use of antibiotics or vaccinations and the location where the livestock was raised, as well as to make sure that the product is not fraudulent. This will also challenge food producers to provide food at a much higher quality.

One more potential benefit: blockchain brings supply chain transparency to an all-new level and empowers the entire chain to be more responsive to any food safety disasters.

Blockchain & PR

This past weekend, the Internet exploded with the news that Starbucks began to accept payment in crypto.

Starbucks, along with other companies, is a participant in the Bakkt project, but participation in a blockchain-related project does not necessarily imply that the company has now decided to start accepting Bitcoins to pay for your soy pumpkin spice latte. Might this be a well-thought-out PR-move on Starbucks’ side so everyone would start talking about them? Who knows. But one thing’s for sure: up to today, they were in the headlines.

And Starbucks is not the only one in the headlines. McDonald's announced that it intends to celebrate the 50th anniversary of the Big Mac by doing something a bit different. They announced their plans to release its own “MacCoin”. MacCoins are shiny, physical souvenir coins that will be given out when people buy Big Macs starting August 2. From August 3 onward, consumers can trade in these coins for Big Macs.  Basically, it’s a nice little souvenir that’ll get you a free burger whenever you want. Even though this isn’t a cryptocurrency, we can see how this multi-billion dollar corporation’s marketing ploy uses public knowledge of cryptocurrencies to their advantage as a way to try to stay on the edge and keep its marketing relevant.

Instead of a conclusion

Food giants like the idea of simplifying their supply chains by implementing the  automatic tracking of important information, such as the temperature and quality of goods, shipment and delivery dates, and safety certifications of facilities. Meanwhile, IBM is keen on selling subscriptions to blockchain-related services that integrate with its cloud business.

Businesses are applying blockchain in a variety of industries, including cargo shipping, poultry, and diamonds. The new way in which the food industry is using blockchain is set to bring the technology one step closer to production.

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Crypto Community Reacts to Bakkt But Not all Are Bullish

The news that regulatory approval has finally been granted to Bakkt has generally been perceived as bullish for the industry. However, not all in the crypto community are convinced that it is the best thing for Bitcoin and its brethren. How Bullish Is Bakkt? As reported yesterday by NewsBTC, the Intercontinental Exchange’s (ICE) new crypto trading platform has finally been given the go-ahead. A September 23 launch date has been set following regulatory approval by the Commodity Futures Trading Commission (CFTC) and the New York State Department of Financial Services. It may well open the door to institutional investors and could be a giant step forward for crypto industry legitimization in the US. The concept of physically delivered bitcoin futures backed by the New York Stock Exchange may be the catalyst that takes BTC to mainstream consumer markets. Not all are convinced though as comments on crypto twitter today reveal. Crypto analyst going by the handle ‘CryptoChartsJoe’ has predicted a run up before the September launch then a big dump when it goes live: “Regarding the #Bakkt news, expect the Crypto market to catch a bid, and run up hard. Then on the day that #Bakkt actually goes live, there’ll be a market selloff!! Again, Wall Street is best for breaking hearts, and stealing souls,” Think like a criminal Regarding the #Bakkt news, expect the Crypto market to catch a bid, and run up hard. Then on the day that #Bakkt actually goes live, there'll be a market selloff!! Again, Wall Street is best for breaking hearts, and stealing souls — @CryptoChartsJoe (#bullmarketstartes08/19) (@CryptoChartsJoe) August 16, 2019 Wall Street involvement in Bitcoin is rarely met with enthusiasm. The ability to short the asset as seen on CME futures markets leads to market manipulation which remains a fear for retail traders. Data scientist ‘CryptHawk’ echoed the sentiment tweeting; “Not even gonna comment anything about #BAKKT so it’s useless and adds more manipulation, BS and crooks!” Short Term BTC Price Movements Crypto analyst has taken a look at possible price implications and has called for a break to the downside when Bakkt gets launched. “I think we will be staying within this wedge area until #Bakkt Futures Launch on September 23…. Which coincidently coincides with the end of the wedge! I predict it will break down.” Heres my current analysis for #Bitcoin: I think we will be staying within this wedge area until #Bakkt Futures Launch on September 23…. Which coincidently coincides with the end of the wedge! I predict it will break down. pic.twitter.com/4vLsBPRVXh — WelsonTrader (@WelsonTrader) August 17, 2019 When the news broke BTC price barely blipped. Markets have been choppy this week and two dips into four figures have been recovered but Bitcoin is still facing strong resistance where it currently trades. A move up to around $10,400 was all that it could muster and the king of crypto almost 12 percent on this time last Saturday. The Bakkt news has not affected Bitcoin prices in the short term, and while many are of the opinion that it is overwhelmingly bullish, not all share that sentiment. Image from Shutterstock Crypto Community Reacts to Bakkt But Not all Are Bullish was last modified: August 17th, 2019 by Martin YoungThe post Crypto Community Reacts to Bakkt But Not all Are Bullish appeared first on NewsBTC.
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