Blockchain in food supply industry
What can support a discrete level of data communication, document a product chain of custody, create a tidal wave of interest in food industry’s other than blockchain technology? The blockchain technology has reinvigorated the industry’s drive to achieve end-to-end food traceability and enable the product information transparency. Today, the food industry companies need to be educated on blockchain which can lead to great improvements in food supply chain, which include the following:
Blockchain enables food traceability
Retailers are launching blockchain-based food trace ability to provide customers with accurate information. Consumer demand plays a significant role in the emergence of food traceability systems. Retailers who promote their food through blockchain have a competitive advantage over retailers who keep their customers in the dark.
Food safety and authenticity
Blockchain is contributing to many advances in the areas of food safety and authenticity. It makes a supply chain more transparent at all-new level. It also empowers the entire chain to be more responsible to any food safety. It allows specific products to be traced at any given time, which could help reduce food waste.
3. Prevents fraud
Blockchain operates anonymously, so mistakes would be traceable to individuals culprits. The technology provides a method with which records are kept permanently. However, it facilitates data-sharing between disparate actors in food value chain. Many retailers have sold fraudulent food products unknowingly. With the use of blockchain technology, this can come to an end.
4. Enhances fairer and fast payments
Blockchain helps everyone to be paid quickly from the farm to plate. Farmers are able to sell more quickly and be properly compensated as market data would be readily available and validated. The blockchain technology prevents price coercion and retroactive payments, both of which have seen across the food supply chain.Therefore blockchain is a way of storing and sharing information across a network of users in an open virtual space. Blockchain allows for the users to look at all transactions simultaneously and in real time. Trendpro Systems ltd