Victor Ugochukwu · Nov 26, 2020 . 7min read
Olive Oil suppliers to utilize IBM Food Trust blockchain
Olive oil suppliers Conde de Benalúa and Rolar de Cuyo are using IBM Food Trust to offer authenticity, quality and traceability to its customers.
By Komal Joshi · Nov 13, 2020 . 5min read
Recently, IBM declared that two Olive oil suppliers are using its IBM Food trust. Spanish olive oil cooperative Conde de Benalúa and Argentinian olive oil supplier Rolar de Cuyo are the industry’s latest producers to implement IBM Food Trust. Conde de Benalúa is a cooperative in Spain with about more than 2,000 farmers. Conde de Benalúa and Rolar de Cuyo are utilizing IBM Food Trust on IBM Cloud to track the lifecycle of their product.
Olive Oil traceability offers quality assurance to consumers.
The platform intends to track the supply chain of olive oil to assure quality and authenticity to customers. There are constant reports regarding olive oil counterfeits and fraudulent labels. Thus, transparency in the supply chain is particularly important in this industry. Moreover, the lack of traceability in olive oil production, thus leading to various faulty claims.
According to a current IBM Institute for Business Value study, 73% of customers will pay a premium for complete transparency about the products. The usage of the IBM Food Trust platform in olive oil production attaches significance to the product and has the potential to improve demand.
IBM Food Trust utilizes IBM blockchain technology and IBM Cloud. It tracks, traces, and reserves data in the supply chain of olive oil. Moreover, by scanning the QR code on the bottle, customers can access the data on a product. Thus, recognizing the farmers and workers and whether the processing of olives matches the criteria for the extra virgin olive oil. Producers can utilize the platform to share data with permissioned parties quickly. Therefore, the data can further decrease food waste by keeping track of its freshness and storage.
Moreover, the IBM Food Trust scope has grown prominently over the last couple of months. The platform has projects lined up with the Norwegian Seafood Association, Nestlé’s Zoégas coffee brand, and JM Smucker 1850 Coffee.
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