Spanish olive oil cooperative Conde de Benalúa and Argentinian olive oil supplier Rolar de Cuyo have joined the IBM Food Trust’s blockchain network, Ledger Insights reported on 11 November.
The companies joined Tunisia-based producer CHO and Italian family-run oil mill I Potti de Fratini in the network.
IBM Food Trust’s platform aims to trace the supply chain of olive oil to ensure quality and authenticity for consumers.
The lack of traceability in olive oil production enabled manufacturers to falsely claim, for example, that the oil was extra virgin, Ledger Insights said.
Around 73% of consumers would pay a premium for full transparency in products, according to a recent IBM Institute for Business Value study that was backed up by previous research by the Food Marketing Institute.
For example, Terra Delyssa, produced by CHO, had seen an increase in demand since adding a traceability app to its olive oil bottles.
Rolar de Cuyo also expected more people to select its brand with the implementation of IBM Food Trust.
“Rolar de Cuyo’s objective in using blockchain technology is to ensure olive oil packers worldwide trust and choose us,” said Rolar de Cuyo’s director Guillermo José Albornoz.
IBM Food Trust uses IBM blockchain technology and IBM Cloud to track, trace and store data in the supply chain of olive oil.
By scanning the QR code on the bottle, consumers can access the information on a product – from getting to know the farmers and workers to whether its olives were processed to the standards required to be labelled extra virgin olive oil.
Producers can use the platform to easily share information with permissioned parties. The data can also help reduce food waste by keeping track of its freshness and storage.
A blockchain-traded olive oil had also been launched by Certified Origins over a year ago, Ledger Insights said.