Consumers Embrace Milk Carton QR Codes, May Cut Food Waste

The “use-by” and “best-by” dates printed on milk cartons and gallon jugs may soon become a thing of the past, giving way to more accurate and informative QR codes. Phys.Org reports: A new Cornell University study finds that consumers will use the QR codes to better depict how long the milk is drinkable and create substantially less agricultural and food waste. In the U.S., dairy products are among the top three food groups with the largest share of wasted food, said Samantha Lau, a doctoral student in food science who works in the lab of Martin Wiedmann, the professor of food safety in the College of Agriculture and Life Sciences.

In the early spring semester, Lau, also working with Cornell’s Milk Quality Improvement Program, connected with the Cornell Dairy Bar, which sells fluid milk in addition to ice cream on campus. She wanted to assess consumer acceptance for QR code technology that may one day replace the static best-by or sell-by dates commonly found on food products. Customers had a choice: purchasing milk with printed best-by dates, or buying containers with QR codes, which when scanned by a smart phone, would display the best-by date.

In the same Cornell Dairy Bar study, Lau placed a dynamic pricing element where consumers were encouraged to purchase milk with a shorter remaining shelf life — by offering a price discount as the best-by date approached. “During two-month study, over 60% of customers purchased the milk with the QR code, showing a considerable interest in using this new technology,” Lau said. “This revealed that the use of QR codes on food products can be an innovative way to address the larger issue of food waste.” Wiedmann says the technology also exists where smart milk cartons could communicate with smart refrigerators to inform a household of the need for fresh milk.

The study has been published in the Journal of Dairy Science.

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Banking Giant Capital One Enters B2B Software Industry With Launch of New Business

Capital One, a major player in America’s banking industry with $434 billion in assets and more than 100 million customers, is launching Capitol One Software, “a business that develops and sells software products to companies scaling up their use of data and cloud computing,” reports Forbes. From the report: The new venture, which has been created by Capital One’s CEO and founder, Rich Fairbank, is based at the company’s headquarters in McLean, Virginia, and has its own dedicated personnel as well as access to software developers in Capital One’s 12,000-strong technology team. Its first product, Capital One Slingshot, helps companies speed up their adoption of Snowflake, a popular cloud data platform, and manage costs associated with it. […] Ravi Raghu, the head of Capital One Software, says executives at Capital One see its creation as a natural evolution of the overall company’s digital journey. “We’ve been talking of Capital One as a technology company for a while now. The best proof of that is [to become] a technology company that’s actually selling software. That innovation just runs in our DNA.”

Still, making Capital One Software a success will be no slam dunk. The markets the new business is targeting are big but they are also full of formidable competitors whose sole focus is on software and there are significant costs associated with things such as building teams that consult with customers to help them get the most out of the products they buy. Capital One may also need to reassure investors, who have seen its share price fall by almost 12% this year to $127.86 at close of trading on May 31, that its move into the software business will not distract executives from its core finance ones, especially as the economy shows signs it may be tilting towards recession.

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