IBM has announced  that it has joined hands with Nueva Pescanova Group, a Spanish multinational seafood giant, to trace the shrimp and prawns it fishes on the blockchain. In addition, it has planned to design a food trust platform based on the distributed ledger technology for supply chain traceability.

Details Of The IBM Partnership With Nueva Pescanova leading multinational seafood firms

Nueva Pescanova Group is one of the leading multinational seafood firms founded in 1960 that covers the cultivation, production, processing, and distribution of seafood. The CEO of the Nueva Pescanova Group, Ignacio González has stated that this traceability platform will help meet the United Nation’s Global Dialogue on Seafood Traceability (DGST) standards. He also said that they want their customers to know more about their seafood products and traceability wherever they went and transported starting from the origin until it reached their tables.

Handling The Sustainability And Safety By The IBM Food Trust Network

The IBM’s Food Trust traceability platform allows members of the network to view the live statistics of the supply chain products, which helps in significant energy savings to producers. In addition, it reduces the risks and fraud that happen in the global market. This also ensures that safety and sustainability are met.

In a 2020 European food Sustainability study, 50% of people would buy seafood if they trust and have more information on the origin, safety, and production of the seafood products. The partnership also adds the list of food and agricultural firms for blockchain supply solutions. For example, Carrefour, a multinational retail giant, has partnered with IBM to track the supply chain of chicken and microgreens. Also, Nestle, Dole, and olive oil giant CHO were already leveraging the IBM Food Trust Network.

Vandana Mrigwani

CBW - External Analyst

INDIA