It is an extremely complex process to create all the links and distribute goods in order to manage the supply chains. The complexity and lack of transparency are main reasons why there’s so much interest in how blockchain might transform the supply chain and logistics industry.
After successfully keeping track of its pork it sources from China, United States retail giant Walmart, in collaboration with IBM, will use blockchain technology to track its shrimp supply chains.
Indian business e-publication LiveMint reported that,
“Walmart is fully geared towards using blockchain technology for end-to-end traceability of shrimp sourced in Andhra Pradesh and shipped to select Sam’s Club locations in the US.”
As a Pilot Project it is the first time that blockchain technology will be used to track shrimp exports from the Indian farmer to an overseas retailer,
“Helping the seafood farmers in the region to strengthen the shrimp supply chain and reinforce customer trust in the product, promoting India as a preferred source of seafood, while enhancing food traceability and transparency for consumers in the US.”
President of the National Fisheries Institute John Connelly said:
“As one of the most traded commodities in the world, seafood has a complex and wide-reaching supply chain, which makes testing and further developing technology-assisted traceability programs an important step. It is encouraging to see a retail leader like Walmart participate in seafood blockchain testing.”
According to the report, shrimp is India’s largest agricultural export, with the US as its largest market, taking a 46% share of India’s shrimp exports by value in 2018. Therefore using blockchain to digitize data and share information across a complex supply chain network will increase the transparency and allow customers to track where their shrimps come from. Blockchain has the potential to increase the efficiency and transparency of supply chains and ultimately impact everything from warehousing to delivery to payments – positively.