Retail Behemoth Target to Deploy Blockchain for Multi-Enterprise Transactions
by Carolyne Walker, AllStocks
June 12, 2019
Apart from being the underpinning technology behind cryptocurrencies, blockchain technology is a lot more. Large organizations have come to know it earlier and started to adapt it for various functions. Even one of the largest US retailers such as Target couldn’t be left untouched from its benefits as the company has started working on blockchain applications back in 2018.
The Minneapolis-based Target Corporation is the eighth-largest retailer in the United States – Target operates almost 1,800 stores across the United States and an online retail store. The company has started to develop its own blockchain solutions in 2018 to aid in managing the certification of suppliers. Now, the retail giant is enhancing its utilization of blockchain technology.
In Target’s official blog post, the company stated:
“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.”
Cargill is the largest American privately held global corporation (based on revenue) that operates a global food system.
Target’s Purposes with Blockchain: Reduced Cost & Time, Security, Better Supply Chain ...