ORGANO announced that it has joined IBM Food Trust, a blockchain-enabled global ecosystem for the food industry. By leveraging the solution, ORGANO is endeavoring to achieve authentic trust into every ORGANO product. This development was on 09 July.
ORGANO conveyed that the new platform was christened as “ORGANO Products Trust”. ORGANO added that the offer was launched with the introduction of the first batch of 5 top-selling ORGANO products. These products range from multiple product families which were piloted, tested and launched on the platform. ORGANO informed that the initial product line-up would be scaled to accommodate 5 more products by the end of the year.
ORGANO Managing Director of Global Strategy, Leonard Chin expressed –
“Treating trust as a product ingredient and prioritizing trust as highly as any other ingredient of our products creates new opportunities for ORGANO around the world. Unlike other consumable product ingredients, trust does not have an expiry date. The ORGANO Products Trust platform allows our stakeholders to scan a product to interact with detailed information, including product source, quality assurance, logistics, inspection reports, supplier data, commerce platforms and more. We are pioneering an entirely new relationship between our supply chain and consumers based on our new Vertical Markets EcoSystem Model.”
ORGANO further added that by joining the Food Trust, it hopes to build on its traceability strategy. The firm conveyed that such a strategy involves sharing key information with stakeholders such as consumers, supply partners, commerce partners and distribution partners in a highly secure way on the blockchain. ORGANO noted that by enabling such a level of transparency, the firm could engage more efficiently with its stakeholders.
ORGANO threw light on the benefits of using blockchain. By effectively leveraging the decentralized technology, Food Trust securely connects supply chain data across the ecosystem with trust and transparency. ORGANO conveyed that the key insight provided by blockchain was provenance or source of origin. The firm added that in addition to the mentioned advantage, members of the network are benefited from a multitude of processes.
Recently, there were reports of Nestlé announcing a pilot program that would allow customers to track its products using the blockchain technology. Nestlé informed about its partnership with the blockchain platform, Open SC. The blockchain platform was developed by the World Wildlife Fund (WWF) Australia in collaboration with the Boston Consulting Group Digital Ventures.
ORGANO clarified that Food Trust was built on Hyperledger Fabric-based open source technology. ORGANO indicated that Food Trust uses a governance model to ensure companies can set rules about who can see confidential data.