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ARMONK, NY, November 11, 2020 / PRNewswire / – IBM (NYSE: IBM) and olive oil producers Count of Benalua, a cooperative in Spain made up of over 2,000 farmers e To roll from Whose, an olive oil supplier in Argentina, announced today to use IBM Food Trust on IBM Cloud to track the life cycle of their product and provide traceability, authenticity and quality to consumers. They merge FOR, to Tunisiabased in a producer producing Terra Delyssa branded olive oil, e I Potti from Frattini, a family-run oil mill in Italy, which joined the IBM Food Trust in early 2020.
A growing number of olive producers are using IBM Food Trust on the IBM Cloud and allowing customers to track where their oil comes from with blockchain.
Using blockchain technology, these companies around the world are promoting greater consumer confidence in their olive oil and working to create a more efficient and transparent supply chain.
Consumers’ demand for transparency and general distrust has been driven by recent reports of counterfeiting and adulteration of olive oil. This trend is reflected in a broader context, according to a recent study by the IBM Institute for Business Value, which found that 73% of consumers will pay a premium for the full transparency of the products they buy.
“Our mission is to provide customers with quality olive oil so that they can enjoy a genuine and healthy product. Rolar de Cuyo’s goal in using blockchain technology is to ensure that olive oil packers in all the world trust us and choose us. IBM blockchain technology provides the transparency we need to trace the origin of our products, respecting all quality processes to reach consumers’ tables, “said Guillermo José Albornoz, director of Rolar de Cuyo.
IBM Food Trust uses IBM Blockchain and IBM Cloud technology to bridge the information gap for customers. By scanning a QR code on each bottle of olive oil, consumers can trace its production from the olive groves where the olives were grown, to the mills where they were turned into oil, to the shops where it is sold. They can see pictures of where the olives were harvested and pressed and learn about the farmers and workers behind the scenes and even review what criteria were met for the oil in each bottle. For example, the tracking will show if the olives have been processed to the standards required to be labeled as extra virgin olive oil.
From a manufacturing perspective, members of the supply chain can collaborate more securely and efficiently, creating a permanent digital record of transactions that can be easily shared with authorized parties. This data within the IBM Food Trust can also be used to ensure food freshness, control storage times and reduce waste.
“Our Terra Delyssa brand of premium olive oil has seen an increase in demand since bottles of traceable olive oil hit store shelves earlier this year. Consumers in the United States and Canada can now buy Terra Delyssa premium extra virgin olive oil in more than 10,000 grocery stores and online platforms, with multiple retailers adding Terra Delyssa’s premium traceable olive oil to their shelves, “he said. Chris Fowler, Sales Manager at CHO America.
Growing demand in early January helped CHO anticipate increased sales with its new consumer tracking app. Supply chains had products in abundance on store shelves during the pandemic, during which demand increased by 30% due to an increase in consumers cooking at home.
CHO is now working on creating a separate business application for distributors and resellers. This app will provide access to in-depth information on every processing and control step a given batch has gone through, including whether it was first cold pressed, extra virgin or organic, with analysis from the laboratory accredited by CHO’s International Olive Council and third party reviewers .
“Our ongoing work with olive oil producers demonstrates the growing momentum around Food Trust and our commitment to strengthen the chain that connects farm-to-table food around the world,” said Raj Rao, general manager , IBM Blockchain Platforms. “There is a growing desire among consumers to know where their food comes from and increased business motivation to streamline processes with better sourcing information. We are able to work with olive oil producers and distributors by providing a ‘single source of secure and transparent information through IBM blockchain technology “.
For more information on IBM Food Trust, visit Here.
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IBM is recognized as leading provider of enterprise blockchain. The company’s research, technical and business experts have broken the barriers in transaction processing speed, developed the most advanced cryptography to secure transactions, and are contributing millions of lines of open source code to advance blockchain for business. . IBM is the leader in open source blockchain solutions built for the business. Since 2016, IBM has worked with hundreds of clients in financial services, supply chain, government, retail, digital rights management, and healthcare to implement blockchain applications and operates a number of networks running live and in production. The cloud-based IBM Blockchain platform offers the end-to-end capabilities that clients need to rapidly activate and successfully develop, manage, govern and secure their corporate networks. IBM is an early member of Hyperledger, an open source collaborative effort created to advance cross-sector blockchain technologies. For more information on IBM Blockchain, please visit https://www.ibm.com/blockchain/ or follow us on Twitter at @ibmblockchain.
Media contact:
Anthony Colucci, IBM External Relations
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SOURCE IBM
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