Walmart to Employ IBM’s Food Trust to Trace Indian Shrimps

Asia Blockchain Review
October 22, 2019
Walmart to Employ IBM’s Food Trust to Trace Indian Shrimps

Retail giant Walmart has recently announced its piloting of the first use of blockchain to track shrimp supply chains from India, according to a report from news agency Coin Idol. 

In collaboration with tech firm IBM, Walmart will track shrimps sourced in the Indian Southern state of Andhra Pradesh that are shipped to selected Sam Club’s locations in the United States.

Farmers and Customers will Benefit from the Blockchain Program 

The introduction of blockchain in the shrimp supply chain could help improve the quality of information on the product for compliance purposes and for sharing with consumers, providing added traceability beginning at the farm and extending throughout the transportation process, according to Walmart.

This will also greatly benefit seafood farmers in the region by providing a more efficient shrimp supply chain and reinforcing customer trust in the products, helping promote India as a preferred source of seafood while enhancing food traceability and transparency for consumers in the US.

Blockchain Enters the Lucrative Seafood Industry

 

The global aquaculture market was valued at US$169 billion in 2015 and is expected to grow at 5.3% compound annual growth rate to reach US$242 billion by the year 2022. India, the world’s biggest shrimp exporter, counts the US as its largest market, with a 46% market share by value of total exports. India exported shrimp worth over US$2.17 billion to the US last year.

With blockchain technology, collaboration between the two countries is expected to strengthen through greater transparency and traceability in the supply chain. Walmart is also purportedly looking to position India as the number one source of seafood for the US.

Source: https://coinidol.com/ 


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