Limited testing underway for system to combat potentially deadly $40bn counterfeit trade.
While it fights a battle across New York courtrooms with a cryptocurrency that it believes is stealing its name, Chinese retail giant Alibaba is also trialling blockchain technology in its supply network to offer consumers assurance that the products they are buying are not fake.
According to reports, the tech – which uses QR codes to verify the identity of products, allowing buyers to trace it back to its point of manufacture – is currently being tested on just two products from Australia and New Zealand, created by Anchor and Blackmore’s.
Apparently, fraud in the global food industry is a $40bn p/a business across the globe – and the UK has seen its own fair share of scandals in recent years, as any fan of Tesco’s ready meals will attest, so this plan “achieve end-to-end supply chain traceability and transparency to enhance consumer confidence and build a trusted environment for cross-border trade,” is an interesting development by a big player in an area that has seen some innovation among more minor players, and has gradually been generating more interest. China has also seen a number of potentially deadly fake food scandals in recent times