Nestle, the Switzerland-based food product company, revealed its plan to trace its products throughout the supply chain with blockchain technology.
The endeavor is carried out in partnership with OpenSC, which unveiled a blockchain platform in partnership between BCG Digital Ventures, a global corporate venture, and WWF-Australia, in January.
Nestle asserted that it will turn out to be the first “major food and beverage company” to trial “open blockchain technology in this way.”
It will also be the first company to use the OpenSC platform and users will be able to validate the product at each level in a supply chain without involving any third party as intermediary.
The original trial program will track milk from farms and other individual producers in New Zealand to Nestle’s production sites and warehouses in the Middle East. Additionally, the firm has expressed interest in using the same system to track palm oil sourced from Americas.
The intention of the trial venture is to check the level of scalability of the system. Regarding the benefits of this blockchain system, Global Head of Responsible Sourcing at Nestlé Benjamin Ware has stated “This open blockchain technology will allow anyone, anywhere in the world to assess our responsible sourcing facts and figures.”
Back in January, the blockchain based IBM Food Trust initiative, having Unilever and Walmart as its members, stated that it is looking forward to enroll more retailers and suppliers in 2019.