Since blockchain technologies have come to light, and then increasingly into the public eye, many of us have been concentrating on price performance. However, let’s separate blockchain technologies from cryptocurrencies and ICOs for a moment and look at the technology that it has to offer.
I am talking about the corporate and social uses of blockchain tech that is going to change the way technology works as we know it. That is exactly what IBM has been working on via their software development teams.
Why is The IBM Food Trust Application Special?
This is special ladies and gentlemen. It is not special because it is an ICO that has a created a token that we can all get rich quick off.
It is special because it is a real-life solution that not only helps us understand exactly where our food came from, but also because it is an example of a system, or IT infrastructure if you will, that offers a real-life solution with no tokens attached.
Now as a cryptocurrency investor you may be wondering why you might be interested in an application that has no ties to a token that you can purchase.
The only answer I can give you is that maybe you should think about diversifying. Get on the Nasdaq because if IBM is investing in blockchain solutions, which I am confident are going to be an integral part of our future, then it is always worth investing some fiat currency in a company that is willing to adapt to new tech.
Food Trust Helps Businesses Meet Their Corporate Social Responsibility Targets
Companies like Starbucks, who have not been listed as involved in the process as of yet, but can make sure their stated CSR (Corporate Social Responsibility) goals are met 99.9% of the way. Starbucks aims to only by its coffee beans that pay their workers well, are not controlled by a mafia middle man, and encourage coffee bean farmers to use ethical practices.
This is stated under Starbucks ‘Ethical Sourcing’ section of their CSR policy.
It tracks where food or produce came from right up to the place it is being delivered. This may sound ordinary, but right now there is no single system that can integrate into any supply chain software and create a collaborated tracking system. The Food Trust app does this.
Cut to The Chase – How Does The App Work?
The best way to get a full picture of just how the application works is, of course, go directly to the source. You can read about the Food Trust application’s solution here.
However, I will also briefly give you an overview here:
- Food Safety: End to end supply chain tracking. Food is tracked through every step of the supply It guarantees regulatory compliance and food safety.
- Food Fraud Prevention: Even though we are happy to buy our produce and eat/drink it, many of us do not stop to think where it came from. Are the practices used not only on the farms but throughout each point in the supply chain ethical ones? (It brings to mind the film Blood Diamond and how diamonds reach our high street stores). Obviously, the food industry may not be as extreme as this, but I thought it would be a good example to open your minds and let you know food equals money, and where there is money there is corruption. The Food Trust App solves this.
- Food Waste: For businesses with holes in their supply chain methodology, there is a lot of waste. This reduces their profits and is not exactly sustainable as wasting food surely is not a good thing! The IBM Food Trust Apps tech can help identify these areas resulting in the reduction of food waste and increasing businesses bottom lines. Now if supply costs go down, so do retail food prices! (Well in theory anyway).
- More Efficient Supply Chains: This bears a lot of resemblance to food waste above. Leaks within the supply chain can be plugged. However, going further than food waste, this could include increasing the effectiveness of methods used in areas within the supply chain such as packaging, transportation, and so. I am not 100% sure, but the app could include ways to reduce the number of trucks needed to transport food thus saving on carbon emissions.
- Improved Brand Image: If all the above are being practiced by firms that bring food to our tables, and we know we can trust the source of the food, then a company that can 100% let their customers know the food they are buying has been brought to them using the most ethical practices possible, then that company is surely going to improve its brand image.
In the end, for me, and for many people out there keeping a watchful eye on the future success of this app, the most important point is the ethical standpoint. The part where farmers are paid a fair price for their hard work rather than to a middle man that controls their farm and money takes their produce at a cut-down price and triples the mark-up for not doing much work at all.