The grocery retail sector is set to lead the way in the adoption of blockchain technology, using it to revolutionise food safety and traceability.
According to new data from research and advisory company Gartner, 20 per cent of the world’s largest supermarkets will utilise blockchain to create visibility to production, quality and freshness by 2025.
“Blockchain can help deliver confidence to grocer’s customers, and build and retain trust and loyalty,” senior research director at Gartner Joanne Joliet said.
“Grocery retailers are trialling and looking to adopt blockchain technology to provide transparency for their products. Additionally, understanding and pinpointing the product source quickly may be used internally, for example to identify products included in a recall.
“As grocers are being held to higher standards of visibility and traceability they will lead the way with the development of blockchain, but we expect it will extend to all areas of retail.”
Gartner believes blockchain is an ideal technology for providing customers with complete transparency regarding the products they’re buying, and the retailer’s supply chain.
Encryption capabilities will enable accurate data to be collated about the food source, quality transit temperature and freshness.
Walmart has already begun experimenting with this technology, and is developing a system to track items from farm to store.