Recently Nestle and Carrefour made an announcement that blockchain technology can now be used to check the authenticity of a wide variety of baby milk formula products. The two global food giants have collaborated with the IBM Food Trust platform, which primarily uses Hyperledger technology. The use of blockchain technology would increase transparency of the process as customers would be able to “verify the origin or authenticity of products.” In this context Vineet Khanna, the senior vice president of Nestle’s Global Head Supply Chain said:
We are using this technology to bring more transparency to our products by providing accurate, trusted and impartial information. That will benefit the whole value chain, including retailers and consumers.
A pilot project was conducted, which enabled customers to gain access to data on the blockchain about Mousline puree. After the success of the pilot survey the two companies decided to introduce another product on the blockchain, which customers will be able to keep a check on. Consumers would be able to find all the relevant information about Guigoz (C), Bio Two and Three infant formula by scanning a QR code on the baby milk formula products. The company representatives are satisfied as application of blockchain would make their products more popular as transparency and credibility would increase. Customers would gain easy access to all the necessary information that would authenticate the quality of the product by knowing where they originated and how they have been manufactured and packaged for sale.
This would mutually benefit both the cryptocurrency and the food industry as crypto would find greater acceptance and applicability across the industry. Reporting agencies as big as New York Times have been known to have taken a few steps towards the use of blockchain technology to obtain improved quality of reporting, which shows the versatility of this technology. This step would thus have crucial implications for bringing blockchain technology further into the mainstream.