According to external sources, the retailer had begun working on the project around the middle of 2018, a blockchain-powered solution for supply chain management called ConsenSource. They also made their intent known to support the Hyperledger Grid project, which is a supply chain framework that works with major names such as Cargill, Intel, and Bitwise.io.
According to the company’s career page, which has recently been updated as proof of these developments, the retailer is looking for individuals to fill their blockchain engineer and systems developer positions.
A blog post written by Target’s vice president of architecture, Joe Crabb, wrote the following about the new positions and the current developments regarding their blockchain project:
“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. Many companies – including Target – see the most potential for enterprise blockchain initiatives as open source. 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.”
They then further elaborated upon ConsenSource, which is an open-sourced technology that is designed to focus on the certification of suppliers in regards to the company’s paper manufacturing. They are currently evaluating what data could be shared on this distributed ledger and how much they can develop it for their own needs.
Although this news has largely flown under the radar until now, Target had stealthily been dropping hints about this project over the years, starting with the hiring of Aarthi Srinivasan in 2016 to help them with product management in regards to blockchain and becoming more apparent recently as Target started announcing some of their involvement in major blockchain projects. Even their financial reports in the previous year showed that they started to invest more in supply chain improvements with the mention of blockchain.
While Target may still have a ways to go in terms of their own project, their decision to move forward with blockchain as a way to improve their supply chain efficiency proves to be an amazing step forward for the blockchain and cryptocurrency industry as a whole.