Product tracing and logistics make up majority of blockchain projects

Product tracing and logistics are the most common applications of blockchain technology by commercial enterprises in supply chain management. This is according to a new report by the University College of London. It also revealed that the grocery sector was the most dominant area of application, with over half the projects analyzed operating in the sector. The comprehensive research was conducted by UCL’s Center for Blockchain Technology with the support of the Retail Blockchain Consortium. It analyzed over 100 projects including startups, corporates, consortia and governments that are implementing blockchain projects. Nearly half of all the projects analyzed operate in the groceries sector. The major applications in this sector include for tracing, in logistics and financial transactions. With more consumers keen to trace their food supplies, retailers have flocked to blockchain technology to get a competitive edge. One of the most prominent platforms has been IBM’s Food Trust whose members include Walmart, Unilever, Albertsons, Nestle and Carrefour.