Blockchain is making enormous strides in the US food industry and the legalized Canadian marijuana industry.
Walmart partners with IBM
Walmart has joined forces with IBM to implement Blockchain technology to trace all leafy green vegetables in Sam’s Clubs and Walmart stores by September 2019. Using this distributed ledger as an immutable audit trail could save billions of dollars wasted when food goes bad.
Instilling blockchain on tracing food from its original source to end user allows us to know exactly what leaf of lettuce or spoiled piece of meat made a person ill. This would prevent the waste of throwing out thousands of pounds of produce and prevent the disposal of millions of pounds of meat slaughtered for no reason. It will also prevent more consumers from becoming ill due to an increased reaction rate.
“Before moving the process to the blockchain, it typically took approximately 7 days to trace the source of food. With the blockchain, it’s been reduced to 2.2 seconds. That substantially reduces the likelihood that infected food will reach the consumer”.
“The blockchain is also playing a significant role in the fast-growing food industry where it ensures food safety by making data on where the food comes from and the process involved in producing it transparent”.
Canada Makes a Move Using Blockchain and Cryptocurrency for Pot
Canada is covering ground in planting millions of acres of marijuana and initiating partnerships to tie in cryptocurrencies with blockchain to trace every seed from farm to lab, to transport, to dispensary, to consumer. This may not only garnish integrity for the industry but also lower costs. “Blockchain could also be instrumental with regard to the oversight of quality control. By creating that aforementioned immutable and transparent ledger, consumers and retailers will know they’re getting the quality of cannabis they expect”.
“In particular, blockchain is expected to resolve a number of perceived issues with today’s payment networks, including long wait times for processing and settlement, and high transaction fees caused by banks acting as middlemen during transactions. Blockchain-processed transactions don’t involve a middleman, which may push fees lower, and they’re proofed 24 hours a day, seven days a week. Therefore, blockchain may offer the ability to process transactions in real-time, or within a matter of seconds”.
The use of blockchain, along with cryptocurrency, will push along a quick sale. Using both these factors could potentially lower costs and reduce crime.
…”blockchains will prevent fraud and counterfeits as it guards the legality of all the processes involved starting from seed to growing and cultivation to distribution and consumers. It is a massive success for the industry long associated with crime and violence.” In a statement released by the Canadian Prime Minister Justin Trudeau, he emphasized on “how easy it is for minors to get hold of the substance and at the same time, how illegal distributors understand all the profits and transactions. Through the secure blockchain implication; age limits, sales and taxes will be monitored”.
As a founder of the early stages of utilizing blockchain technology in our own advertising industry, it’s great to see progress being made both on the technical front of blockchain as a distributed ledger and being used within other industries. A3 Media has been working with partners in the digital ad space over the past year experimenting in using blockchain to help decrease digital fraud and transparency issues.