Smithfield Foods joins FoodLogiQ blockchain consortium

DURHAM — Smithfield Foods, the world’s largest pork processor and U.S. hog producer, has joined FoodLogiQ’s food industry Blockchain consortium. FoodLogiQ, an SaaS provider of traceability, food safety and supply chain transparency solutions, now has more than 50 enterprise customers and 8,500 registered businesses using its platform.

Katy Jones, FoodLogiQ chief marketing and strategy officer explains the larger number derives from the fact that the company onboards its enterprise customer suppliers.

FoodLogiQ raised $19.5 million in a B round in April and has spun-out of its parent company, the Clarkston-Potomac Group, forming its own board. It currently has 41 employees and is hiring sales and customer success positions.

Smithfield, which also markets a host of packaged food products, joins other food industry leaders including Tyson Foods, AgBiome Innovations, Subway/Independent Purchasing Cooperative, and Testo, to explore blockchain technology and how it can be beneficial to their respective businesses.

Other Smithfield brands include Eckrich, Nathan’s Famous, Farmland, Armour, Farmer John, Kretschmar, John Morrell, Cook’s, Gwaltney, Carando, Margherita, Curly’s, Healthy Ones, and Morliny.

Subway has noted that the FoodLogiQ Connect platform has been extremely valuable to their company in helping them develop their traceability program. In light of the constant news of food recalls and withdrawals affecting millions of consumers, it makes sense that the supply chain visibility and farm-to-fork traceability FoodLogiQ’s software provides could save time, money, and most importantly, lives.

Other users have found it helped locate recalled products more quickly, and compile documents for FDA audits much faster, said Jones.

What makes Blockchain unique

Blockchain is an emerging technology offering a way for companies to transact with each other and move assets around the world in a secure manner. What makes blockchain unique is that it is a shared, permanent ledger that records all the transactions in chronological order that cannot be altered or deleted, enabling companies to tell the granular story of a product’s journey with a high degree of certainty and validity.

Blockchain has also made clear the need for companies to automate their record keeping and traceability systems and eliminate the manual, paper-based processes that often slow down the resolution of a food safety outbreak or issue.

“I’m very pleased that Smithfield has chosen to partner with us on this exciting blockchain initiative,” says Jamie Duke, FoodLogiQ CEO, in a statement.

Inaugural meeting of Food Industry Blockchain Consortium

“The perspective they bring to the table is invaluable, and as we continue moving forward with this pilot, we’ll draw on Smithfield’s production knowledge and their supply chain expertise to help guide our collective blockchain efforts.”

While blockchain holds promise on raising transparency within the food industry, there is much yet to be tested and validated on its real-world application. That work will begin with the inaugural meeting of FoodLogiQ’s Food Industry Blockchain Consortium, which will take place on December 13 – 14 in Durham, North Carolina.

“This first-time gathering of our blockchain participants will bring together some of the biggest names in the food space for an in-depth evaluation of the current state of blockchain – both the opportunities and the challenges – as well as the effects the technology is having on our industry as a whole,” Duke said.

“We’ll also discuss our overall Consortium strategy, develop our roadmap of short- and long-term goals, and determine how we will use the data we collect during our R&D process to help ensure success for the group as a whole.”