(Yicai Global) Dec. 15 -- China's first Blockchain Food Safety Alliance formed in Beijing yesterday, with JD.com Inc. [NASDAQ:JD], Wal-Mart Stores Inc. [NYSE:WMT], International Business Machines Corp.[NYSE:IBM] and China's prestigious Tsinghua University making up its partners.
The four parties will jointly set up a platform to collect data on food production and circulation and provide real-time tracking and tracing services throughout the food supply chain to consumers and retailers using block chain technology, the Beijing News reported yesterday. The application of this technology enables food traceability across the whole supply chain from the farm to the store in a mere two seconds.
IBM will contribute its blockchain platform to the alliance, while Tsinghua University is responsible for establishing the food safety system. Wal-Mart and JD.com are tasked with extending the traceability technology to more retail channels and food companies.
The two companies have already held a trial run of the system. For example, Wal-Mart's Chinese stores have instituted a pork traceability system. JD.comcollaborated with Swiss food and beverage leviathan Nestle SA [SIX:NESN], incorporating the latter's product QR codes into JD.com's online platform to achieve food traceability across the entire supply chain from production to circulation. Growing numbers of Chinese consumers wish to understand the process of food production and processing. His company will commit to greater transparency throughout the food supply chain, said JD.com Vice President Yu Yongli.