Nestlé Opts For Blockchain Platform to Track Infant Milk

Nestlé Opts For Blockchain Platform to Track Infant Milk
November 19, 2019

 

The cryptocurrency market continues to trade in red with Bitcoin (BTC) struggling to hold at $8,000 level. The cryptocurrency has lost 3.1% in the past 24 hours to trade at $8,198.40. Correspondingly, the market cap of Bitcoin has dropped to $148.03 billion. Ether (ETH) follows Bitcoin’s trend by losing 2.8% in the past 24 hours to trade at $177.90. Likewise, XRP has lost 3.4% to trade at $0.2525. Other major altcoins, which has lost ground in the past 24 hours include TRON (TRX-$0.0171, -7.9%), Monero (XMR-$58.82, -3.7%), Huobi (HT-$3.50, -2.0%), IOTA (IOTA-$0.2493, -3.1%,), Litecoin (LTC-$55.92, -5.0%),  Ethereum Classic (ETC-$4.43, -3.7%), Dash (DASH-$64.41, -4.4%), LEO (LEO- $0.9619, -0.7%), Stellar (XLM-$0.0656, -7.3%), Cardano (ADA-$0.0433, -2.3%), Cosmos (ATOM-$3.53, -7.5%),  Bitcoin Cash ($246.50, -6.5%), EOS (EOS-$3.18, -6.0%), Binance Coin (BNB-$19.11, -3.7%), OKB (OKB-$2.72, -3.7%) and ChainLink (LINK-$2.77, -5.1%).  The only altcoin (top 20 list) that has appreciated in the past 24 hours is Tezos (XTZ-$1.20, 2.6%).

 

Government level initiatives

DHS grants $199,984 to Digital Bazaar to build a blockchain security system

The US Department of Homeland Security (DHS) has granted $199,984 to Digital Bazaar, a Virginia-based tech firm, to build a security system based on blockchain technology. This is the second-largest grant given by DHS in an equal number of months. The Phase 1 award of the department’s Science and Technology Directorate (S&T) was made as it continues to study blockchain and distributed ledger technology solutions to satisfy the needs of its various assignments.

The primary responsibility of DHS is to verify documents related to travel, immigration, citizenship, and job eligibility. The organization works in close coordination with the US Customs and Border Protection, US Citizenship and Immigration Services, and Transportation Security Administration.

In most cases, physical (paper-based) documents are handled, restricting data sharing between systems. Furthermore, physical documents are vulnerable to loss, forgery, and destruction. In the same manner S&T is validating whether blockchain and DLT can be utilized to digitize and substitute a paper-based system and assist in preventing the issues as mentioned above.

Digital Bazaar will utilize the amount for its “Interoperable Enterprise Identity and Credential Life-cycle Management” venture. The plan is to develop the company’s existing technology, which backs budding web standards such as Decentralized Identifiers and Verifiable Credentials. The current technology will be improved with an enterprise level workforce and reputable lifecycle administration features. The ultimate intention is to commercialize the tailor-made solution.

Anil John, S&T’s Silicon Valley Innovation Program Technical Director, explained the need to create technologies that can be integrated with prevailing systems. John said, “Deploying innovative credential issuance technologies within mature organizations requires integration with existing technology and processes to manage the lifecycle of digital credentials.”

 

Private sector initiatives

Carrefour and Nestlé choose IBM’s Food Trust

Retail enterprises Carrefour and Nestlé have opted for IBM’s Food Trust blockchain solution to monitor the logistics chain of infant formula (milk-based). Both enterprises intend to improve consumer confidence in the products’ quality by guaranteeing more openness of the total supply chain of formulas created by Laboratoires Guigoz.

The platform intends to enhance the transparency of the supply chain and perform verifications of infant nutrition products’ origins. Notably, both Carrefour and Nestlé started using IBM’s blockchain technology in April 2019 to monitor the supply chain of Mousline, a popular brand of instant mashed potatoes.

Also in 2019, Carrefour launched micro-filtered full-fat milk, tracked by a blockchain system, under the brand name Carrefour Quality Line. The company has pointed out that the sales of its products, including milk, fruit, and meat increased considerably following the adoption of blockchain technology as customers were able to avoid products that are suspected of containing pesticides and antibiotics.

 

JP Morgan creates new blockchain-powered system

JP Morgan, one of the top investment banks in the world, has created a new blockchain-powered system for derivatives structured to quicken transfer of cash and collaterals. California-based tech firm Baton Systems collaborated with JP Morgan to build the software solution, which is intended to facilitate real-time transfers to various clearing houses.

The current procedure necessitates collateral custodians to manually interact with several systems and documents. The latest solution, which incorporates JP Morgan’s proprietary automation system, avoids physical involvement in the collateral procedures and therefore quickens the collateral workflow.

The platform mechanizes margin provision and collateral flows, while permitting users to monitor the movement of assets between JP Morgan and the participating clearinghouse. JP Morgan, however, did not clarify whether it is based on the Quorum blockchain platform. Anthony Fraser, head of global clearing operations and trading cost management at JP Morgan, pointed out that the blockchain-powered solution reduced the time required for collateral procedures from hours to a few seconds. He further stated that the system has already led to quicker payments in addition to better information exchange between all parties involved in the collateral life-time.

 

Measure Protocol joins forces with Broccoli

Measure Protocol, a blockchain-powered data marketplace, and Broccoli, a cannabis-focused survey rewards app, have partnered to set up a research forum for cannabis users. Both companies will use the forum to survey shoppers, gather data, and prepare reports focused on cannabis industry and benefits. Through this method, the parties aim to share views on the rewards of cannabis, unmask or substantiate beliefs encompassing it, and ensure the gathered data is accessible to the common people.

Phillip Olla, co-CEO of Audacia Bioscience, the enterprise that created Broccoli, stated that blockchain technology will facilitate the companies to gather info about cannabis use in an explicit and reliable way, assisting the mainstream adoption of cannabis.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins


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