International fresh produce distributor-marketer SunMoon Food Company has announced that it will apply blockchain technology to its global supply chain platform, as it aims to reap the benefits of food safety, data transparency through product traceability, the tracking of movement product flow and movement of goods.
Blockchain is in essence a distributed digital ledger to allow for transparent sharing of data, recording transactions among multiple parties and improving the traceability of goods.
According to the Singapore-based group, the benefits derived for SunMoon B2B stakeholders mean that the blockchain technology will potentially bring more distributors around the region to join SunMoon’s network, expanding its 'Network x Geography x Product' (NxGxP) business model which currently has 15,000 points of sales serving over 100m households in 13 countries across three continents, with over 100 product types under the SunMoon and Ecofresh brands.
This will also encourage B2C consumers to buy more SunMoon fruits and products as customers are better assured of their origins and quality, the group noted.
“We are pleased to take the lead in efforts to improve food safety," explained SunMoon deputy chairman and CEO Gary Loh. "Blockchain addresses consumer concern over food safety as it enables real-time tracking of a fruit’s origin from farm to fork.
"With blockchain, we also strengthen our ability at the B2B level to buy and sell any fruit from and to anyone, anywhere, with no trust issues," Loh added. "This technology adds another building block to our technology platform and integrates seamlessly with our NetSuite ERP system.”