20% of the most popular 10 Global Grocers will use Blockchain by 2025, as per the details shared by research firm Gartner on April 30. According to Gartner, the main benefit of the Blockchain for Grocers is that it offers a high level of transparency.
For Grocers, this is a way they can use blockchain to provide proper information to their customers and retailers. Gartner ensures that the blockchain is the main technology to improve traceability and visibility in the food supply chain process. Encryption abilities on the food source, quality, transit temperature, and freshness make sure that info is proper and will build trust among retailers and consumers.
The firm further states that Grocery sales are increasing day-by-day worldwide and that consumers have a clear idea about a food's source and freshness and the provider's effort towards durability.
Grocery retailers who provide visibility and can certify the products as per the industry standards will win the trust and loyalty of the consumers.
Joanne Joliet, who is the Senior Research Director at Garnter said,
“Blockchain can help deliver confidence to grocer’s customers, and build and retain trust and loyalty.”
She added,
“Grocery retailers are trialing and looking to adopt blockchain technology to provide transparency for their products. Additionally, understanding and pinpointing the product source quickly may be used internally, for example, to identify products included in a recall.”
Grocers also claim that all the industry standards will direct the way for the development of Blockchain.
Various popular Grocers are already experimenting with the Blockchain in order to maintain the quality of the food products. For instance, Walmart is now needing suppliers to leafy greens to execute a farm-to-store tracking system based on blockchain. Other Grocers such as Unilever and Nestlé are using Blockchain to trace food contamination.
Ms. Joliet said, "As grocers are being held to higher standards of visibility and traceability they will lead the way with the development of blockchain, but we expect it will extend to all areas of retail."
She said,
“Similar to how the financial services industry has used blockchain, grocers will evolve best practices as they apply blockchain capabilities to their ecosystem. Grocers also have the opportunity to be part of the advancement of blockchain as they develop new use cases for important causes for health, safety and sustainability.”