Blockchain and The Food Industry Could be a Powerful Combination
In a recent report called “Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030,” it has been found that blockchain and the internet of things in combination with each other could save the food industry upwards of $31 billion in “food fraud savings.”
By creating sensors and trackers using the IoT and blockchain technology, streamlining of supply chains could be achieved, which in turn means for simpler regulatory compliance.
As the blockchain is immutable and tamper-proof, nothing can be edited, changed, or deleted therefore this in combination with the smart environments that the internet of things can offer, would make for a powerful team.
Juniper Research recently stated that adding blockchain and the IoT would significantly increase the value of those involved in the industry, such as farmers and retailers.
This new initiative comes from trust, and although most consumers are aware of where their food comes from it is still questioned and people want to know how their food is fully processed. In 2013 for example, horse meat was found in food products and it was not listed as an ingredient, therefore consumers lost faith in what they were buying, and suppliers have been fighting to regain trust ever since.
Morgane Kimmich, the research author, had the following to say on the matter:
“Today, transparency and efficiency in the food supply chain are limited by opaque data forcing each company to rely on intermediaries and paper-based records.
Blockchain and the IoT (internet of things) provide an immutable, shared platform for all actors in the supply chain to track and trace assets; saving time, resources and reducing fraud.”