As a leading company in the financial sector, MasterCard has all the resources and links to venture off into other markets, and its number one focus as per now is the blockchain sector. The latter has led to it developing its blockchain provenance solution, which comes with many use cases.
However, through a partnership with Envisible, MasterCard provenance solution has found use in the food supply chain sector. Through Envisible whole chain traceability solution, MasterCard can now help consumers, together with retailers, trace the source of the food on the market. However, the above partnership has also brought in Topco Associates, which will be the first client to use the platform.
With Envisible traceability solution powered by MasterCard’s provenance solution, Topco will use the platform to track the source of seafood, finding its way into their client’s grocery chain stores. Food City is the first grocery chain mart that will leverage the solution to track seafood. Through the blockchain-based solution, stakeholders at every point will have a clear insight into the source of their food. The first seafood to be tracked via the blockchain solution will be shrimp, cod, and salmon.
“With consumers now demanding to know where the food on their tables is coming from, we at Food City have partnered with Envisible and MasterCard to provide consumers with the information they need.” Scott Caro, Senior Vice President of Fresh at Topco.
On the other hand, Dan Glei, Executive Vice President, Merchandising and Marketing, Food City had the following to say;
“Through Envisible Whole chain system, our clients will stack their shelves confidently without worries since they know where their food is coming from. However, despite that, they can also pinpoint where they get challenges in the supply chain sector when unfortunate incidences such as recalls occur.”
Apart from the food traceability solution coming with tracking capabilities, stakeholders will also benefit from other features that come with blockchain technology. Some of the other features include improved security, transparency, tamperproof system, and ease of access to data.
As the solution gets integrated into the Envisible supply chain system, the latter is just a tip of the iceberg since MasterCard has several other projects in the blockchain space. Some of them will be showcased in the ongoing Money20/20 event in Las Vegas under its booth.
