PwC Analyst: Blockchain Gives ‘Illusion of Traceability’ for Walmart
Marie Huillet's original article for cointelegraph.com reduced by 51%
Experts allege the biggest hurdle facing the blockchain systems being adopted by food retail giants such as Walmart and Nestlé has nothing to do with the technology itself. In an interview with Tech Wire Asia, published on Nov. 7, Craig Heraghty - Agribusiness Leader at "Big Four" auditor PwC - reflected on the rising trend of blockchain among major retailers globally.
"The weakest link in the chain is not blockchain or any technology, the weakest link is the piece of sticky tape that puts the label on the package. You have to think like a fraudster and see where you can copy a label or a QR code." Heraghty contended that blockchain is a potential concern insofar as it gives an "Illusion of traceability" to supermarket chains and consumers, given that while the data record itself may be tamper-proof, physical points of entry aren't necessarily foolproof. Switzerland-headquartered food retail giant Nestlé has recently admitted some of the challenges it faces with its own blockchain venture, noting it had to adopt a "Start-up mindset" in order to push ahead with its digital transformation ambitions.
This summer, Nestlé Australia's "Chain of Origin" initiative to implement blockchain technology for supply chain management was nominated for an award by United States-based market intelligence firm, the International Data Corporation. The project aims to enable Nestlé customers to track their products using blockchain in a bid to provide more transparent information about their provenance and production.
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