Carrefour shares are lower Tuesday, as the French retailer announced Monday it would adopt blockchain technology to track its fresh produce. Carrefour has joined the IBM Food Trust platform, which will make the journey of its fresh food from harvest to store shelf, more easily traceable and transparent.
By 1000 BST, Carrefour shares were 0.61% lower at €15.54. The stock has been trading largely in the red, in recent weeks.
Carrefour’s blockchain plan
The French retailer said Monday that it had joined IBM’s Food Trust blockchain programme, as a founder member. The move will help give consumers more reliable details on where their food has come from.
It will also make it easier to trace details such as:
- Nutrients in the food.
- The potential presence of allergens.
- Any non-compliance issues with specific producers and packagers.
“Being a founding member of IBM Food Trust platform is a great opportunity for Carrefour to strongly accelerate and widen the integration of blockchain technology to our products in order to provide our clients with safe and undoubted traceability,” said Laurent Vallée, Carrefour Group’s General Secretary.
“This is a decisive step in the roll-out of Act for Food, our global program of concrete initiatives in favor of the food transition,” he added.
Food Trust partnership
Carrefour’s commitment to this new plan to improve transparency with regards to the information available on the fresh food it sells, will also mean some collaboration between retailers and others who join the programme.
The IBM Food Trust members will share the ways in which they order and transport fresh food. This could likely result in a ‘best in class’ process, eventually being used across the IBM Food Trust blockchain members.
“Consumers want more and more transparency regarding the products they eat,” says Cosme de Moucheron, IBM’s Managing Director in charge of Carrefour group. “That's why members of the IBM Food Trust ecosystem are co-developing a new solution – so that all of the parties involved in the supply chain can guarantee product traceability and quality.”