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IBM blockchain launches Food Trust Platform; Nestle, Unilever, Carrefour among major partners

Ajay Narayan

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IBM blockchain launches Food Trust Platform; Nestle, Unilever, Carrefour among major partners
Source: Unsplash

According to a post on Forbes, IBM, an American multinational information technology company, launched IBM Food Trust platform for global use across the food ecosystem.

The company was testing its blockchain based food traceability platform for over 18 months. The platform stated that they will include retailers, wholesalers, and suppliers. They added:

“The launch marks one of the first times that an enterprise blockchain network has been fully deployed at this degree of scale”

IBM stated that their “solution-as-a-service” cloud platform would be accessible to individuals across the food supply chain industry.

One of IBM’s first partner is Carrefour, a French multinational retailer with 12,000 stores spread across 33 countries. Some other major players in the partnership includes Topco Associates and Wakefern. When combined together they represent more than 15000 stores around the world. Multinational companies like Nestle, Unilever, Kroger and Tyson Foods are some of the important partners of IBM Food Trust Platform.

They added that companies participating in the platform were required to have a “de-soiling” and “collaborative” approach. This would help them understand how the distributed and network-based business models would look like in the future.

The Senior VP for IBM Global Industries, Bridget Van Kralingen stated that the collaborative approach was how the blockchain technology could strengthen transparency. This would ensure better products for the customers and also benefit businesses. She added:

“The currency of trust today is transparency and achieving it in the area of food safety happens when responsibility is shared”

Brigid McDermott, Vice President of IBM Food Trust, stated that the IBM Food Trust platform addressed five critical barriers for the implementation of enterprise blockchain technology.



The five barriers according to Brigid were: building an ecosystem, creation of a business model, ensuring security of data and access rights, integrating with other platforms, and building a system on “top of battle-tested” enterprise technology.

According to McDermott, it was important to address all such barriers to ensure that all the players in the ecosystem felt inclusive. She stated that ensuring that every participant earned a reasonable return on their investment was very critical. Brigid further added:

“At the end of the day, you can’t force people to do something that’s not in their own best interest. There has to be a fundamental ROI [Return on Investment] to join from the beginning”





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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.

Bitcoin

Bitcoin [BTC]: Fidelity has a ‘room full of ASIC miners’ at its Texas office, claims Justin Moon

Yash Rajan

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Bitcoin [BTC]: Fidelity has a 'room full of ASIC miners' at its Texas office, claims Justin Moon
Source: Pixabay

Bitcoin [BTC] had become the center of discussion in the crypto-verse after its meteoric rise recently. BTC is considered to be the digital gold with huge growth potential. As the interminable discussions continued for a long time, individuals associated with this discourse exhibited legitimate reasons both ‘for’ and ‘against’ the validity and acknowledgment of digital forms of money.

Enthusiasts around the globe believed that the big names of the market and hotshots in the corporate space were complacent about BTC. As Bitcoin is increasingly gaining recognition on a daily basis, Fidelity has emerged as the newest member to validate and diffuse BTC in its business operations.

Fidelity Investments, the multinational financial services corporation based in Boston, USA, offered services encircling investing, brokerage and retirement plans.

According to Bitcoin developer Justin Moon, Fidelity Investments has been interested in Bitcoin for a long time. He tweeted,

“Fidelity has a room full of Bitcoin Miners [ASICs] at their Texas office.”

This tweet, from a broader perspective, pointed at the interest of big wagons in the market in BTC mining. Apart from this, it also showed that they were actively participating in public blockchains.



This is not the first instance where Fidelity has openly accepted its interest in cryptocurrencies. Ari Paul, founder and chief investment officer of BlockTower Capital, had tweeted earlier this year,

A majority of Fidelity’s clients seems to believe that digital assets are the next big thing in the economy and the debate has been going on for a while. However, Fidelity’s statement rested the speculations of BTC being adopted by big league members. In other adoption news, three days ago, AT&T announced that it would start accepting payments in Bitcoin for its services.





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