Several months into a supply chain initiative based on blockchain, Bumble Bee Foods has seen positive reception and positive results.
As reported in Forbes, the food giant, which is known for its seafood offerings, has had a blockchain project in place since the fall of 2018. The goal has been to track products as they make their ways through the supply chain.
“We’ve had nothing but overwhelming positive feedback from the industry and retailers,” Bumble Bee Foods Senior Vice President and Chief Information Officer Tony Costa told the publication.
In one example, the executive noted that supply chain tracking has taken place for a business known as Anova, which focuses on frozen foods and is sourced through Asia, and where items are tracked from fishers to the end consumers. Forbes noted that similar efforts have been seen in beef and grain verticals. The mechanics of the tracking involve QR codes and data entry into the blockchain.
Separately, reports came this week that IBM is developing an applications marketplace for TradeLens, its blockchain platform geared toward shipping and logistics. Among the services to be offered is insurance. The company also will see to connect TradeLens to other blockchain offerings such as we.trade. TradeLens is owned jointly by IBM and Maersk, and went live last year. The blockchain allows for shipping data to be shared and a document exchange tied to trade is to debut.
As reported, shipping transit times to the US, as logged by a trial period, were reduced by as much as 40 percent, due to greater efficiencies. Other services slated to be offered include financial services and payment settlements. Other IBM-backed blockchain initiatives include the IBM Food Trust, which helps track food across sourcing and safety concerns. The food-focused initiative also connects a network that includes Carrefour, Nestle and others.
Separately, we.trade has the backing of 12 trade finance banks, and is used to track corporate payments between SMEs in Europe. Tracking activity is centered on shipments and transactions. Global Trade Review reported that Richard Stockley, blockchain business development executive of global trade at IBM, has said that “if you could combine we.trade as a trade and trade finance platform with other platforms which are digitizing logistics or providing procurement or instant insurance, for example, it would create value for the customer.”
IBM has not revealed the timeline for the app marketplace release, reported the site. There also has been no establishment, officially, of a connection to other networks. In recent news four shipping firms have been added to the platform, including Ocean Network Express and CGM.