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Monday, January 25, 2021
Home News Walmart To Use Blockchain For Shrimp

Walmart To Use Blockchain For Shrimp

The multibillion-dollar fisheries industry in India is going Blockchain with Walmart launching an end-to-end traceability of transportation and food safety procedures for shrimp sourced from the world’s second-largest country. In addition, Walmart will also be funding smallholder farmers in Andhra Pradesh to gain BAP certification training. It will also support them to gain access to new market opportunities.

The US-based retail giant has announced a pilot to track shrimp imported from Andhra Pradesh to selected Sam Club’s locations in the US.

“The introduction of blockchain in the shrimp supply chain could help improve the quality of information on the product for compliance purposes and for sharing with consumers, providing added traceability beginning at the farm and extending throughout the transportation process,” the company said.

The blockchain pilot will allow smallholder farmers to export to Walmart’s membership-only retail warehouse “Sam’s Club” food safety programme, which requires suppliers of seafood products to complete internationally-recognized standard best aquaculture practices (BAP). This includes responsible cultivation and sustainable farming to produce high-quality seafood produce.

“This end-to-end blockchain pilot is the first of its kind in India and has the potential to create long-term economic opportunity for the shrimp farming community in Andhra Pradesh, directly benefiting the farmers through new skills training and development,” said Chowdary Kunam, managing director of Sandhya Aqua.

For the pilot, Walmart has partnered with Andhra Pradesh-based seafood processor Sandhya Aqua and US-based supplier Stanley Pearlman Enterprises. Walmart has been working with IBM on the use of blockchain technology to enhance global food traceability since 2017, under the IBM Food Trust initiative.

IBM and Walmart have already launched several initiatives to strengthen food safety in the fresh produce supply chain, before entering the Indian seafood industry. The company uses the same blockchain technology to source all leafy green vegetables for Sam’s stores and Walmart.

Globally, the aquaculture market was valued at $169 Bn in 2015 and is expected to grow at 5.3% CAGR to touch $242 Bn by 2022. India, the world’s biggest shrimp exporter, counts the US as its largest market, with 46% market share by value of total exports. India exported over 248K tonnes of shrimp, worth $2.17 Bn to the US last year.

With this blockchain technology, the trading between the two countries will be strengthened by ensuring transparency in the supply chain and traceability. Using Blockchain technology, Walmart is looking to position India as the number one source of seafood for the US.

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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