*By Conor White*
Blockchain isn't just for cryptocurrency.
Computing behemoth IBM ($IBM) is using the technology to ensure the food we eat is safe and properly sourced.
"We're basically leveraging the blockchain technology to track each item of food as it travels through its trajectory and its transportation from the field all the way to the retailer," Bridget Karlin, chief technology officer for IBM Global Technology Services, told Cheddar's Hope King at the Consumer Electronics Show in Las Vegas, Nev.
According to Karlin, blockchain is revolutionizing the way big-box retailers like Walmart ($WMT) do business.
"It used to take \[Walmart\] seven days to track an item from its origin all the way through to their shelves," Karlin said. "With blockchain, now it takes 2.2 seconds."
Walmart is working with IBM to implement blockchain as part of new food safety requirements for its suppliers. The two companies have been collaborating since 2016 to apply new levels of traceability across the food supply chain.
The partnership is part of The Food Trust blockchain, which includes other major forces like Nestlé (NSRGY), Dole ($DOLE), Kroger ($KR), and Tyson Foods (TSN).
In the future, a public health incident like the recent E.coli outbreak linked to contaminated romaine lettuce could be detected much more quickly and accurately.
"Now it's a matter of scaling that out more broadly to more participants," Karlin said.
Southwest Airlines will pay a $35 million fine as part of a settlement over a 2022 holiday season disaster that saw the airline cancel thousands of flights and leave millions of people stranded.
Cheddar News' Need2Know is brought to you by Securitize, which helps unlock broader access to alternative investments in private businesses, funds, and other alternative assets. The private credit boom is here and the Hamilton Lane Senior Credit Opportunities Fund has tripled in assets under management in just six months from November 2022 through April this year. Visit Securitize.io to learn more.
Stocks opened slightly higher after Monday's opening bell after several weeks of gains as the year closes out.
Big Business This Week is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
Citi told most of its employees that they could work from home at the end of the month, according to CNBC.
Chobani paid $900 million to purchase ready-to-drink coffee maker La Colombe.
Kerri Quigley, founder of The Fashion Class, spoke with Cheddar News on how to make an ugly sweater on a budget.
With Christmas only 10 days away, some kids may notice that there's a lot of spending going on this holiday season. Dr. Regine Muradian, licensed clinical psychologist, joined Cheddar News to provide tips on how to teach kids the value of gifts and money.
It appears that people are cutting back on tipping with gratuity requests spreading far beyond bars and restaurants.
New data is showing rent prices are on the decline.
