Blockchain technology has unarguably proven to be vital in the food supply-chain traceability. In recent months, IBM Food Trust and other blockchain platforms have helped to bring more trust and transparency for many food items. Today, the IBM Food Trust is bring brought olive oil to the blockchain trend following a partnership with Rolar de Cuyo.
IBM Food Trust brings olive oil to Blockchain
Based in Argentina, Rolar de Cuyo is an olive oil producing company. It entered a partnership with the IBM blockchain platform to improve the traceability of its products throughout the production phase, using the blockchain technology. Hence, all the data that pertains to the olive oil production will be available on the Blockchain for monitoring.
Ultimately, the partnership with IBM Food Trust is the oil company’s effort to ensure trust and transparency for the end-users. They can now easily learn about the products they buy, right from their planting days to harvesting, and extraction into a finished product. Noteworthily, the information logged on the Blockchain cannot be tamper, given the immutability property of the technology.
How Blockchain helps to grow a business
For the olive oil industry in Argentina, providing verifiable records of these products will go along way to boosting the sectors’ profitability. It is estimated that the country will produce about 20,000 and 25,000 tons of olive oil this year. On this data, the industry generates good sales, as a recent survey conducted by IBM showed that consumers are ready to pay premium fees if product manufacturers can ensure transparency for their makes.
A good number of companies have joined the IBM Food Trust network, ensuring quality food services for customers. On May 19, Cryptopolitan reported that California Giant Berry Farms also joined the blockchain network. The company specializes in the cultivation and distribution of berries. At that time, more than 170 companies joined the platform to boost their products’ traceability.