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Target open sources a blockchain solution called ConsenSource; plans to contribute to Hyperledger Grid framework

Carol Gaszcz
Retail behemoth Target has been working on a blockchain proof of concept since mid-2018, the company’s vice president of architecture Joel Crabb wrote in a blog post.The post Target open sources a blockchain solution called ConsenSource; plans to contribute to Hyperledger Grid framework appeared first on The Block.

Retail behemoth Target has been working on a blockchain proof of concept since mid-2018, the company’s vice president of architecture Joel Crabb wrote in a blog post. The blockchain solution called ConsenSource, which has been recently open-sourced, was developed to manage the certification of Target’s suppliers in the manufacturing of Target-branded paper products.

Target also pledged to support supply chain solution Hyperledger Grid, a project which already received contributions from Target's supplier Cargill as well as Intel and Bitwise IO.

According to Crabb, the company sees believes open-source enterprise blockchain initiatives have the most potential. However, he admits that the implementation of blockchain across multiple companies is not easy as various entities need to agree on what data is stored in the ledger as well as how the system should be operated and governed.

“To achieve this close interaction among corporate entities, many companies – including Target – see the most potential for enterprise blockchain initiatives as open source,” Crabb wrote. “Open-source projects require all participating parties to define the governance model collectively from the outset, so companies then can focus their time working on blockchain-based solutions that will lead to greater speed, transparency and cost savings.”