Category Archives: CARGILL

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Blockchain Birds Are Coming This Thanksgiving, Complete With ID

This Thanksgiving, 600,000 turkeys in the US are being delivered with a difference, as blockchain technology lends a hand.

Americans eat an estimated six billion pounds of turkey meat each year according to the US National Turkey Federation. Thanks to the Honeysuckle White Traceability Program, some of the 45 million Turkeys eaten this Thanksgiving, and a further 22 million consumed over the festive season, will be delivered as fully traceable birds from pen to oven, courtesy of DLT.

The company responsible is Cargill, one of the nation’s biggest suppliers of turkeys, based in Minnesota and founded in 1865. This year, the company has decided to go hi-tech and utilize blockchain in order to trace its birds from 70 contracted individual family turkey farms in Missouri and Texas.

The new blockchain traceability program will track around 600,000 Honeysuckle white hens which will eventually find their way into major stores such as Walmart, Kroger, Safeway, and Amazon. To promote the programme, a TV ad will explain the process of tracking the turkeys. Cargill’s Debra Bauler explained:

“Each Honeysuckle White turkey will have an identification code, which can be entered into a website that will guide the consumer to the specific farm that raised that exact turkey… And from a technology perspective, it represents the complete digitalization of the supply chain. We feel that both are long-term competitive advantages for our product.”

The idea is to link consumers to the farmers that raised the birds in an attempt to set a precedent for the future in terms of supply chain transparency and supplier product accountability. Fox Business Network commentator suggests that using blockchain solutions for supply chain management in this way may well become the industry norm:

“The average consumer of tomorrow will come to expect that they have full access to where the wheat in their bread was grown, what were the conditions of the cow that provided the milk in their ice cream, and who picked the grapes in their glass of Pinot. The Honeysuckle White traceability program is a watershed moment in the retail food industry.”

Participating farmers have been highly motivated by the programme and suggest that projects such as this will equip consumers with another way of looking at the production of the food which arrives on their tables. Participating farmer Sharon Albertson, who’s been supplying Cargill with turkeys for over 20 years, maintains, “Now, consumers can see how hard we work and all the effort and care that goes into getting that bird to the Thanksgiving Day table.”

French supermarket chain Carrefour recently introduced blockchain technology into a data system allowing shoppers in Auvergne, Southern France, to get a full detailed history of chickens on sale in their stores. The system offers a record of the chickens’ life from egg to supermarket. Shoppers can use a smartphone to scan in a code on the packaging to obtain details on each stage of production, including origins, earlier location, feed and where the meat was finally processed.

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HSBC and ING Announce Successful Utilization of R3’s Blockchain Platform

HSBC and ING bank have recently reported that they have utilized blockchain technology using R3’s Corda blockchain platform.

The banking conglomerates used the tech to achieve a transaction that oversaw soybeans, shipped from Argentina to Malaysia via Singapore. Additionally, a letter of credit between the two banks was issued directly from the R3 Corda platform.

HSBC and ING commented that the transaction was a success, demonstrating that blockchain technology had been used in a commercial and operational setting.

The trade finance industry is worth around USD 9 trillion. Using any number of conventional monetary means of managing these transactions can take days, with multiple parties included. With blockchain technology on a single platform, the transaction took less than 24 hours to be completed.

Credit letters are one of the most commonly used methods for reducing the risk involved between importers and exporters. These letters help guarantee more than USD 2 trillion worth of transactions annually, and it is a lengthy and time-consuming paper trail that can take between five and ten days to complete.

Vivek Ramachandran, HSBC’s head of growth and innovation stated, “Trade finance transactions have been made simpler, faster, more transparent and more secure. The need for paper reconciliation is removed because all parties are linked to the platform and updates are instantaneous. The quick turnaround could mean unlocking liquidity for businesses.”

The transaction was received well by third parties involved. “Blockchain is a key technology we are exploring and using with our customers and, now, using for ourselves with the completion of this transfer on Corda,” explained Rani Misra, regional treasurer, APAC, Cargill.

Events have led R3, the company behind Corda along with 12 other supportive banks, to further the reach behind this technology, in a hope to expand the network as a utility for the trade finance sector and to waive all paper-based documentation.

 

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