Walmart, an America’s multinational retail giant, will be the first company to use Blockchain technology in tracking and monitoring shrimp exports from India. According to LiveMint, an Indian news outlet, Walmart’s new supply chain strategy would be implemented with the help of IBM.
Sam’s Club, a chain of retail stores owned and operated by Walmart in the US, would be the receiving points for the shrimp exports. Notably, the locations would be specified using the new technology as well.
According to President John Connelly of the National Fisheries Institute, seafood is one of the most in-demand commodities in the world, and one of the most traded as well. Since it has a far-reaching and complex supply chain, the inception of new technologies that can enhance traceability could be considered as a milestone unlocked. He further noted that Walmart’s pioneer program for tracking the seafood supply chain using Blockchain tech is hugely encouraging.
Walmart previously sealed a partnership with Sandhya Aqua, a seafood processor based in India. The collaboration aims to add the shrimp supply chain to IBM’s Blockchain-based Food Trust platform. This integration would purportedly enable customers to check where their shrimp supplies are coming.
According to Live Mint, shrimp is the largest exported commodity from India. The United States serves as India’s biggest consumer, with 46% of the total shrimp supply being exported to the country. The publication further notes that aside from enhancing the flow of delivery, Blockchain technology would help shrimp farmers in India in terms of complying with the rigid US food standards. In essence, it would not only help them gain more trust from American consumers but also make shrimp farming a more stable industry.