Blockchain development company Blockstream has come out with a new...
Target to explore and deploy the blockchain technology
Blockchain has become one of the hottest trends that companies from almost every industry have started exploring and deploying it. Major organizations such as Microsoft, Amazon, IBM, etc. have also started providing a number of blockchain services that allow the SMEs and other individual companies to get benefit from it in terms of transaction speed, cost, and safety. What simply started as a distributed database has now become one of the leading technologies in the 21st century.
Apart from being underpinning technology behind cryptocurrencies, blockchain is a lot more. Large organizations have come to know it earlier started to adapt it for various benefits. Even largest retailers such as Target couldn’t be left untouched from its benefits and the company has started working on its application in 2018.
Minneapolis-based Target Corporation, the eighth-largest retailer in the United States – Target operates almost 1800 stores across the United States and an online retail store Target.com. The company has started to develop its own consensus proof of concept in mid-2018 to help manage the certification of suppliers in our own branded paper product manufacturing.
In their official blog post, the company said that “In working directly with the forest managers and certification boards, we learned that standing up a blockchain is simple from a technology standpoint, but difficult in deciding what data should live on the distributed ledger. This work on a certification blockchain was recently open sourced as ConsenSource!”
“As ConsenSource progressed, Cargill’s work in creating supply chain middleware to store data and transactions on a blockchain came to our attention. As we learned more about the effort, Cargill and Intel took the project to Hyperledger, an open source collaborative hosted by Linux Foundation, and it became Hyperledger Grid,” they added.
Cargill is an American privately held global corporation that connects across the global food system to help the world thrive.
On their official blog post Target also said that the company will directly work with one of their largest food suppliers that will allow the company and all other participants to share data from one another as blockchain technologies grow further. By incorporating the blockchain technology Target is aiming to create the improved infrastructure that supports minimal truncation time and cost, rock-solid security and enhanced supply chain.
Joel Crabb, vice president of architecture at Target said that “I’m proud that Target will support the Hyperledger Grid project, and that we’re committing dedicated engineering resources to build out components in the Grid architecture!”