Mastercard And Envisible To Bring Visibility To Food Systems Using Blockchain

Blockchain, Innovation, News | October 28, 2019 By:

Multinational financial giant Mastercard is collaborating with Envisible, a company working to bring visibility to global food systems, to bring blockchain benefits to food supply chain.

In a press release, Mastercard announced that it will be integrating Envisible’s Wholechain system to bring traceability to food supply chain. The Wholechain traceability system will be powered by Mastercard’s blockchain-based Provenance Solution and used by Topco Associates LLC, a leader in the food industry sector operating within the United States, to help its member-owners’ supermarkets trace and highlight the origin of seafood. The first of several species to be tracked will be salmon, cod and shrimp.

“The sheer volume of global trade makes it difficult to track the journey and authenticity of food,” said Mark Kaplan, partner, Envisible. “We’re excited that Mastercard shares our vision and is driving consumer trust by bringing its significant expertise in using technology at scale with commercial-grade processing speeds, data flexibility and privacy, and security standards to an area that has previously been considerably opaque.”

According to the companies, the initiative will enable food companies to reduce their annual costs by millions as has been seen with the financial sector and shipping industries.

“The identity of things is becoming even more important as consumers raise demands for transparency,” said Deborah Barta, senior vice president, Innovation and Startup Engagement, Mastercard. “Our provenance solution leverages Mastercard’s established network capabilities, globally-scaled technology, and services, such as payments and counterfeit programs. This allows us to deliver trust, financial inclusion and back-end efficiencies to the marketplace.”