According to Bloomberg, Walmart Inc. intend to use blockchain technology in its grocery business.
Frank Annas, Vice President of Walmart’s health and safety of food products, made a statement on Monday at conference at MIT Technology Review, held in Cambridge, Massachusetts. Annan said that using the blockchain they managed to reduce the time it takes to track products from six days to two seconds. Walmart puts all of its suppliers on the blockchain, which according to him will reduce the amount of waste and improve transparency.
Walmart, in cooperation with IBM began testing technology to identify and remove the more to use the products in 2016. Due to the system based on the blockchain, the company, as reported, may verify any information about the products and decentralized technology protects it from hacking attempts.
In March, Walmart has filed a patent application for a system of “Smart Package”. The system is designed to track the contents of the package, environmental conditions, location, and other data. According to the patent, the device is designed for use in conjunction with other technological innovations, such as Autonomous vehicles and unmanned aerial vehicles.
Using the blockchain to track the quality of products has become a popular trend among international retailers. JD.com leading Chinese ecommerce website, also implements the blockchain technology to ensure the quality and control of origin of meat products. JD said that customers will be able to monitor the movement of meat from farm in Australia, where it was grown, up to the threshold.