It is a well-known fact that big companies like Walmart are trying to use the blockchain in order to make the supply chain much more efficient. In a bid to do the same, Walmart has asked its suppliers to use the blockchain technology by September 2019. With the help of this system, the suppliers will be able to easily provide proper tracking to Walmart as well as the other stakeholders in the blockchain.
Walmart asks suppliers to use blockchain technology by September 2019:
The blockchain-based tracking system will be built in a tie-up with IBM. IBM is already working to build real-world applications based on the blockchain technology. Therefore, it does not come as a surprise that this task is also being entrusted to IBM. On the other hand, IBM is not just working on blockchain but working with Walmart to create trusted network. With the help of this trusted network, proper tracking can be provided for the products throughout the supply chain. As a result, not only the supply chain will become more efficient but quality can be maintained as well.
Thus, Walmart will be able to source the food items on time and ensure that the quality is almost perfect as well. At present, with the traditional tracking systems, this is an insurmountable challenge. That is why oftentimes the supply chain is not that efficient.
On the other hand, there are various outbreaks of diseases like E.coli. With the help of proper traceability, all of these problems can be largely avoided as well. Thus, there will be proper tracking of all the foodstuffs which are being sold at Walmart.
The entire project will be executed in 2 different phases. The 1st phase will just involve the tracking of the last step. This will ensure that the source of the fruits and vegetables can be discovered to the previous link in the supply chain. By the end of September 19, the entire supply chain will be integrated. This will mean that the 1st link can be traced back as well. As a result, with the help of blockchain technology, the supply chain will be made much more efficient as well. This will be a huge advantage for Walmart as it will be able to ensure that the produce reaches to it on time and also the quality is up to the mark as well.
With such blockchain-based tracking, a lot of different problems can be avoided including substandard produce as well as marking the suppliers which are not sending the produce up to the mark. Thus, Walmart will become much more efficient.