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Global Blockchain News: Supply Chain Accountability Program Begins

The latest global blockchain news has created a buzz in the field of supply chain management. Global retail giant France-based Auchan is said to have chosen TE-FOOD’s FoodChain solution developed by German blockchain firm. This retail group is reportedly the 13th largest food retailer of the world with their operations extended in about 17 countries. Indeed, such a big company has to have a rock solid supply chain management. The blockchain solution here plays the lead role in developing a very strong traceability and accountability of the entire network.

The recent update revealed that Auchan is looking forward to expanding the TE-FOOD’s FoodChain solution to five more countries which includes Italy, France, Spain, Senegal and Portugal. The debut of this blockchain solution began from their Vietnam branch after going through an 18-month rigorous test. This blockchain enabled monitoring retail system facilitates tracking of selected product range right from farm to the store. In addition to this, it can also make keep a record check on the quality and logistics information. The user can simply scan the QR codes of the product form their smartphones to check product history, as mentioned by Bitcoin Australia.

With Auchan, several other leading players of the supply chain market have picked up a similar format for tapping the product cycle. The global blockchain news reveals that French and U.S. retail giant Carrefour and Walmart have initiated a similar integration of blockchain based service for the deployment of accountability.

Future Of Blockchain In Supply Chain Management

According to Raconteur, blockchain will play a major role in handing the food waste management along with accountability of the products. The companies like Carrefour are encouragingly picking up these systems to become more efficient. The global blockchain news speculated that the market value of blockchain technology in the global retail sector will soar up to a 29-fold increase in the coming 10 years from now.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Neha graduated in Electronic Media and has worked with Times group for 3 years with an overall experience of 6 years. She is passionate about learning languages and is a certified French Language Expert and IELTS Trainer. Neha writes breaking cryptocurrency news stories for OWLT Market.

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