Spanish olive oil cooperative Conde de Benalúa and Argentinian olive oil supplier Rolar de Cuyo are the industry’s latest producers to announce the implementation of IBM Food Trust. The organizations are joining Tunisia-based producer CHO and Italian family-run oil mill I Potti de Fratini in IBM Food Trust olive oil’s network.
The platform aims to trace the supply chain of olive oil to ensure quality and authenticity to consumers. Due to recent reports of olive oil counterfeits and misleading labels, transparency in the supply chain is especially significant in this industry.
The lack of traceability in olive oil production enables manufacturers to claim, for example, that the oil is extra virgin while it was not processed as such.
According to a recent IBM Institute for Business Value study, 73% of consumers will pay a premium for full transparency into products. That’s corroborated by previous research by the Food Marketing Institute. The use of the IBM Food Trust platform in olive oil production adds value to the product and has the potential to increase demand. Terra Delyssa, produced by CHO, observed a spike in demand since implementing traceability features in olive oil bottles earlier this year. Through a consumer traceability app, the company anticipated the growing demand, which rose by 30% during the pandemic.
Rolar de Cuyo also expects 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 Guillermo José Albornoz, Rolar de Cuyo’s director
IBM Food Trust uses IBM blockchain technology and IBM Cloud to track, trace, and store data in the supply chain of olive oil. Through the scan of 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 labeled extra virgin olive oil.
Producers can use the platform to easily share information with permissioned parties. The data can help reduce food waste by keeping track of its freshness and storage.
Certified Origins, also produces a blockchain traced olive oil, which reached Whole Foods Market stores over a year ago and leverages Oracle’s Blockchain solutions.
Meanwhile, IBM Food Trust scope has increased significantly over the last couple of months. The platform has projects lined up with the Norwegian Seafood Association, Nestlé’s Zoégas coffee brand, and JM Smucker 1850 Coffee.
