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Alibaba Deploys Blockchain Pilot To Ensure Food Authenticity

April 30, 2018: 12:00 AM EST
Alibaba is testing blockchain technology to track products and ensure food authenticity. It is working with two food products, one from Australia and one from New Zealand – and giving consumers the ability to scan a QR code to verify product authenticity. Fake food has long been a problem in China and Michigan State University estimates it costs the global food industry $40 billion per year.  First announced in March 2017, the goal of this blockchain integration is to “achieve end-to-end supply chain traceability and transparency to enhance consumer confidence and build a trusted environment for cross-border trade,” said Alibaba.  Investment in blockchain technology has doubled to $2.1 billion and industry projections see that expenditure reaching $9.7 billion in 2021, according to reports from IDC. Numerous firms, such as Alibaba’s industry rival JD, are also delving into blockchain tech to streamline the supply chain, auditing, and compliance processes.[Image Credit: © congerdesign from Pixabay]
Steven Millward, "Alibaba rolls out blockchain pilot to tackle fake food products", Tech in Asia, April 30, 2018, © Tech in Asia
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