Blockchain will be used in food supply tracking by US fast-casual salad chain Sweetgreen

According to a press release on Tuesday, November 13, Sweetgreen, one of the renowned fast-casual salad chain has announced a second funding round for raising $200 million, mentioning blockchain amongst its key development area.

From the start of first round, closed last October, the company managed to raise $200, becoming valued at over $1 billion. In the second round, the salad chain is aiming to raise an equal amount which is being led by major asset management company fidelity investments.

Sweetgreen which owns 90 restaurants in the U.S., is planning to use decentralized solutions to track food from its supplier to the counter. The salad food chain is believed that they will be much more enabled to focus more on technology and supply chain development particularly because of the capital raised. Along with release states, blockchain is said to be the “most viable solution available” in order to increase transparency in food chains.

A recent report titled, “Blockchain Agriculture Market Forecast until 2023”, estimates that blockchain sector in the agriculture industry will see a major boost and it will grow from its current worth of $60.8 million to. $429.7 million in the next five years. There is a vast use of blockchain in agriculture especially in food supply chains.

Recently, the world’s four largest agriculture companies known as ABCD, have partnered together to digitize international grain trading by using blockchain and artificial intelligence, after knowing its successful claims. The technology will be initially used in automating grain & oilseed post-trade execution processes, with further plans to increase the experiment to shipping, storage and customer experiencing areas.

The largest supermarket in Netherlands has revealed in September that they are also using blockchain to make its orange juice production history transparent. Furthermore supermarkets are also using blockchain to track food.