*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.

Share:
More In Business
Stretching Your Dollar: Understanding Your 401k Allocation
It's a benefit to have a 401k plan with your employer but it can also be stressful to decide how to best allocate your contributions. Michele Schneider, partner and director of trading research and education with MarketGauge.com, joined Cheddar News to explain which markets are best to invest in, depending on your age demographic.
Stretching Your Dollar: How to Deal With Finances in a Second Marriage
There is no specific formula or playbook for handling money with your spouse. Is it any different with a second marriage? Kelli Smith, director of financial planning with Edelman Financial Engines, joined Cheddar News to discuss what approach to take with finances with a new partner.
Load More