The blockchain industry is growing at a very fast pace as evidenced by the rate of adoption. Interestingly, the supply chain is one of the industries experiencing fundamental shifts due to blockchain. FoodLogiQ is one of the firms leading the campaign in leveraging blockchain in the food supply chain. In this light, Smithfield has partnered with FoodLogiQ to explore the rewards of the new technology.
Smithfield partners FoodLogiQ to be part of Food Industry Blockchain Consortium
According to a press release, Smithfield Foods will join other likeminded firms on the Food Industry Blockchain Consortium. Particularly, the Consortium brings together firms that would like to experience the benefits of blockchain technology.
As per the Financial Times, the Food and Drink industry was ripe for a shakeup. In particular, the industry still uses supply chains that are lengthy and complex, entailing multiple parties and several jurisdictions.
As a result of the lengthiness and complexity, there is little trust along the chain. The luck of trust is one of the major reasons there are various scandals. In particular, the Financial Times mentions the horse meat scandal of 2013 in the UK that left many businesses shattered.
The prospect that blockchain can change the narrative is very welcome. According to Torsten Zube, the head of blockchain at software giant SAP, blockchain is gaining traction due to the promise of trust.
Speaking to the Financial Times, he said, “The general use case in regards to provenance, whether pharmaceuticals or food, is getting a lot of traction because of the usually problematic long supply chain from raw materials to the end consumer.”
In this regard, FoodLogiQ is making huge strides in creating blockchain-based solutions to create trust. In particular, the firm provides traceability solutions as well as food safety and supply chain transparency solutions.
Therefore, as Smithfield partners with FoodLogiQ, it presents them with a great opportunity to guarantee their product quality.
However, FoodLogiQ acknowledges that blockchain is still an emerging technology. Therefore, it still needs further testing and validation. In this light, the Food Industry Blockchain Consortium will hold its first meeting to deliberate on the issues. As per the news release, the meeting will take place in Durham, North Carolina from December 13 to 14.