Blockchain Poised to Boost Efficiency for Food Manufacturers
The food industry is one of the best-use cases for DLT. With multiple partners, long and sometimes opaque supply chains are actually more like networks. Information asymmetries can stem from enormous differences between local producers and transnational corporations. DLT enables traceability and immutability of information, thereby helping to increase food safety and also fight food fraud.
International accounting and professional services firm Deloitte conducted a block chain-related survey of more than 1,000 executives of large companies in 2018. They found that 50% of food industry executives agree that blockchain technology will inevitably disrupt their industry. What’s more, blockchain is in the top five strategic priorities for 43% of the surveyed organizations.
Blockchain in the Food Industry
Most importantly, 80% of companies are still in the early (awareness or experimentation) stage of the blockchain journey, and have a strong need for education and guidance. Survey respondents reported seeing the primary advantages of blockchain as being in the areas of greater speed, the opportunity for new business model and revenue sources, greater security/lower risk and more cost effectiveness.
Food industry executives know they need better solutions that will provide them with faster and more efficient supply chain management, and mitigate risk with less costly recalls.
Farm2Kitchen’s Food Traceability Blockchain is focused on solving industry’s concerns: ensured data privacy with encryption and additional solutions, like zero-knowledge proofs. Interoperability and efficiency are ensured with purposely-designed protocols that enable fast and cost-efficient data sharing, which is especially important for the food industry where margins are usually low and revenues are based on the volume of low-cost products or commodities.
You can read more about Farm2Kitchen Blockchain at https://Farm2Kitchen.io