IBM Food Trust

IBM Food Trust is a major global initiative which uses blockchain to improve safety, transparency, efficiency and sustainability across the food supply chain. Spearheaded by IT giant IBM, a host of leading food brands and grocery retailers have already signed up to the scheme, including the likes of Walmart, Carrefour, Unilever, Nestlé and many more.

The Food Trust uses blockchain to log transactions at each stage of the food supply chain, from producer through to supermarket shelves. The purpose is to use the transparency and security of distributed ledger technology to provide full visibility of the food ecosystem from field to fork, helping to guarantee provenance, tackle food safety risks and reduce waste. The approach works through a series of modules for data management, traceability and certification.

It promises a wide range of benefits. For retailers and their customers, access to provenance data via the blockchain helps to guarantee that products are where they are supposed to be  from, contain the ingredients they claim to contain and were produced using the stated methods. This not only cuts down on incidents of food fraud and errors with labelling, it boosts food safety and, in the case of fresh goods, allows for a more accurate judgement of shelf life.

With reliable data providing better visibility across extensive supply chains, demand forecasting can also become much more accurate. Combined, these factors are seen as critical to reducing rising food waste - if the industry can reverse the trend, it could save itself $120bn annually.

When goods cross international lines, the Food Trust ensures regulatory standards in destination countries have been met. For retailers, this not only mitigates against compliance risks, it also builds consumer trust. Worldwide, people are becoming increasingly conscious about food provenance and the impact on ecology and economy, with 70% of consumers wanting retailers to be more transparent about their commitment to sustainability. With the Food Trust blockchain, details of where every ingredient was sourced and how it was produced and processed can be readily accessed to provide compelling evidence of standards.