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Consumers are becoming more vigilant about the food they eat as technological advancements allow them to take in information at the touch of a button. And with the introduction of blockchain in the mainstream scene, companies have been trying to address this demand by making food provenance more transparent.
Now, Mastercard has announced in a press release that it’s collaborating with Envisible, a company working to bring visibility to global food systems.
Envisible will be handling the supply-chain visibility through its Wholechain traceability system. Wholechain will be integrating Mastercard’s blockchain-based Provenance Solution to make use of the technology, which will then be applied by Topco Associates LLC into its operation. Topco is a leader in the food industry sector operating within the United States.
Mark Kaplan of Envisible said they’re thrilled that Mastercard’s intention is in line with their own.
Food visibility to provide authenticity to merchandise origin
“The sheer volume of global trade makes it difficult to track the journey and authenticity of the food. We’re excited that Mastercard shares our vision and is driving consumer trust by bringing its significant expertise in using technology at scale with commercial-grade processing speeds, data flexibility and privacy, and security standards to an area that has previously been considerably opaque,” Kaplan said.
The produce that the coalition will initially track will be seafood. Specifically, shrimp, cod, and salmon. Through this initiative, food companies will be able to reduce their annual costs by millions as has been seen with the financial sector and shipping industries.
The importance of a streamlined supply chain
Since food is perishable merchandise, it’s imperative that the supply chain is in sync with each entity involved in the operation. With blockchain tech allowing companies to track down the delivery of products in real-time, supply chains can make educated guesses what step needs to be prepared to ease the passing of the products from one location to the next.
The idea of using blockchain tech to monitor food supply isn’t new. In fact, just last year, a Wyoming senator started a blockchain project that would provide authenticity regarding the provenance of cattle. Free-range livestock commands a heftier price compared to other means of rearing the animals but it’s difficult to prove its authenticity to consumers. With blockchain tech, however, the consumers themselves can see for themselves how each individual cattle has been raised, by whom, and what sort of treatment it underwent throughout its lifespan.
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