Meat processing giant Smithfield Foods is the latest in a list of major food players to get behind blockchain after joining the FoodLogiQ consortium.
The Food Industry Blockchain Consortium, spearheaded by SaaS provider FoodLogiQ, aims to enhance traceability and food safety across the supply chain. Members include Tyson Foods, Subway, AgBiome Innovations and Testo.
Together, the consortium will explore blockchain technology and how it can be beneficial to members’ respective businesses.
While blockchain holds promise on raising transparency within the food industry, there is much yet to be tested and validated on its real-world application. This will form the crux of the upcoming inaugural meeting of the consortium.
“Blockchain R&D is at an all-time high, and we’re proud to be a food industry forerunner in this technology,” said FoodLogiQ CEO Jamie Duke.
“This first-time gathering of our blockchain participants will bring together some of the biggest names in the food space for an in-depth evaluation of the current state of blockchain – both the opportunities and the challenges – as well as the effects the technology is having on our industry as a whole.
“We’ll also discuss our overall Consortium strategy, develop our roadmap of short- and long-term goals, and determine how we will use the data we collect during our R&D process to help ensure success for the group as a whole.”
Julia Anderson, Global Chief Information Officer for Smithfield Foods, said: “Our partnership with the FoodLogiQ consortium allows us to be part of an ecosystem driving the deployment of blockchain within the food industry, further underscoring our commitment to producing good food the right way.”