Mastercard is collaborating with Envisible, a supply-chain company, to allow the traceability of the origin of food products via Mastercard’s blockchain-based Provenance Solution.
With over 100 blockchain patents filed globally, Mastercard has ranked in the top 3 among top blockchain innovators. Mastercard’s Provenance Solution is industry-agnostic and allows brands to provide record product journeys to contribute to consumer confidence, trust, and awareness. The Provenance Solution also provides governance capabilities for supply chain networks.
Leading US retail food group, Topco Associates LLC will be testing Envisible’s Wholechain traceability system to allow the traceability of produce, meat, and seafood.
Dan Glei, Executive Vice President of Merchandising and Marketing of Food City, under the Topco corporation said: “Using Envisible Wholechain, powered by Mastercard, our grocers will be able to stock shelves with confidence and also be able to pinpoint issues in the food chain during any unfortunate events such as recalls.”
Mark Kaplan, Partner at Envisible, stated that the sheer volume of global trade makes it difficult to ensure the journey and authenticity of the food.
He added: “We’re excited that Mastercard shares our vision and is driving consumer trust by bringing its significant expertise in using technology at scale with commercial-grade processing speeds, data flexibility and privacy, and security standards to an area that has previously been considerably opaque.”
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