Walmart worked with IBM to develop and implement its food provenance pilots using blockchain technology (Tiwari, 2016). According to McDermott (2017),
“Blockchain solves business problems where trust is part of the solution” by providing what traditional databases cannot: data immutability as well as speed
and security of dissemination.
Leaders at IBM recognized that they could accelerate the adoption of blockchain and avoid a proliferation of internal systems and data formats by using existing
open standards such as the Electronic Product Code Information Services and Core Business Vocabulary of Global Specifications 1 (Blanchfield and Welt, 2012).
IBM’s blockchain is based on Hyperledger Fabric, which supports modular architecture and plug-andplay components such as consensus and membership services (IBM, 2017). It allows both efficient data capture and data control. Most importantly, users have a shared view of the truth at any point in time as well
as ownership and control over their own information.
Records include audits, agricultural treatments, identification numbers, manufacturers, available device updates, known security issues, granted permissions, and safety-protocols, all logged in real time and permanently stored as e-certificates.
This foundational trust has a flywheel effect. According to McDermott (2017), “The trust it delivers enables more efficient and complete sharing of the critical data
that drives enterprise transactions.”
- CoinxPad Presale to Kick off on September 25th - September 18, 2021
- How Launchpads and Defi Projects Can Use Solidproof’s Auto Audit Tool - September 17, 2021
- Mdex adopts a new IMO mechanism to launch Demeter: empower MDX to be the cradle of quality assets - September 14, 2021
- SAFCOIN makes history as SA’s first cryptocurrency to go global - September 14, 2021
- NFT Host ART HAUS to Open Exclusive Gallery in Days - September 2, 2021