Fifth of top global grocers will use blockchain by 2025, says Gartner
Around 20% of the top 10 global grocers by revenue will by 2025 be using blockchain for food safety and traceability to create visibility to production, quality and freshness, according to research company Gartner.
Annual grocery sales are on the rise in all regions worldwide, with an emphasis on fast, fresh prepared foods, the company said, adding that customer understanding has increased for the source of the food, the provider’s sustainability initiative, and overall freshness.
It explained that grocery retailers who provide visibility and can certify their products according to certain standards will therefore win the trust and loyalty of consumers.
Some grocers have already been experimenting with blockchain and are developing best practices. For example, Walmart is now requiring suppliers of leafy greens to implement a farm-to-store tracking system based on blockchain. Other grocers, such as Unilever and Nestlé, are also using blockchain to trace food contamination.
“As grocers are being held to higher standards of visibility and traceability they will lead the way with the development of blockchain, but we expect it will extend to all areas of retail,” Joliet said.
“Similar to how the financial services industry has used blockchain, grocers will evolve best practices as they apply blockchain capabilities to their ecosystem. Grocers also have the opportunity to be part of the advancement of blockchain as they develop new use cases for important causes for health, safety and sustainability.”