Migros, the largest retailer in Switzerland recently announced its plan to implement blockchain solutions for better traceability of fruits and vegetables.
Migros Implementing Blockchain Solution
Almost every industry finds Blockchain technology as an advanced methodology to fight for various issues prevailing in the respective industry. As such, Migros with a mission to bring safety and transparency in Switzerland’s food industry will implement blockchain technology solutions offered by TE-FOOD, a food traceability firm.
To make it clearer, the TE-FOOD isn’t a blockchain firm rather it offers blockchain solutions to its clients. However, Migros implementing TE-FOOD’s blockchain solution is particularly focused on perishable foods to enhance efficiency in the food industry. As the report suggests the industry is struggling to meet the global food demands which eventually causing the food contamination in Switzerland. The collaboration between TE-FOOD and Migros intends to provide high returns for Migros as well as its supply chain partners. As for TE-FOOD, the announcement states;
TE-FOOD is the world’s largest publicly accessible, farm-to-table food traceability solution. [It] serves over 6,000 business customers, and handles 400,000 business transactions each day.
As for now, the data will only be available for internal insights, unlike the open blockchain which brings transparency to the parties involved including customers in the case of Migros. On a similar concern, the announcement reads that Migros seeks to go beyond marketing benefits and add value to the overall supply chain by its product tracking system. The release further states that the giant wants to make product recalls easier, reduce food waster and build an instant distribution channel. The whole process will eventually be compliant to the upcoming initiative called, European Food Safety Authority’s (EFSA).
Migros is the biggest supermarket in Switzerland with over 100,000 employees and also counts as the largest private employer in the country. With blockchain-based traceability solution, Migros tend to adopt a revolutionary approach in the food industry.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.