How is Blockchain changing the Restaurant?

“One thing I always say is being a great chef today is not enough — you have to be a great businessman.” — Wolfgang Puck, Chef.

Blockchain, Smart Contracts, and Restaurants

Restaurants are in close communication with the end customer and therefore have a better sense of their desires. For instance, a restaurant promotes itself specifically as a vegan institution or one that buys from local producers.

If a vegan restaurant sources bread from a nearby bakery, they may like to ensure that the ingredients used are free from dairy and eggs. Yet a bakery may wish to keep those private. It is so to keep a secret from their recipe. The restaurant might use Blockchain with a smart contract solution or a self-executing contract that would put the order only when the bakery secretly discloses its ingredients to the restaurant. These goods data will remain on the chain to check if validated ingredients are coming in use while protecting the identity of the bakery with their patented recipe.

Blockchain could also record the sources of food supplied to a restaurant with locally sourced ingredients. This way, customers can review things against the immutable blockchain database separately, like where the food is provenance and if the restaurant lives up to its statements.

Authentic Ratings and Reviews

For both restaurants and consumers, false and inaccurate restaurant reviews are a problem. Since anyone can publish reviews without authenticating an author’s name, it is difficult to understand which remarks are truthful and which are fabricated to assist or harm an institution.

The businesses are looking to adjust their websites to reimburse reviewers for contributing restaurant ratings with cryptocurrency tokens. Once held in a blockchain, they cannot change the ratings. Also, consumers and restaurants cannot erase or build new accounts to scrub away bad reviews. It holds ratings and is above board and fair.

Innovative Loyalty Program Management

Blockchain can allow a loyalty scheme to come into use by firms or even groups of companies. Large chains and small independent firms produce loyalty services outside their doors. It will spark new attention from customers.

Chanticleer Holdings is launching a blockchain-based loyalty platform to protect their restaurants while enhancing customer experience.

Customer Experience and Brand Building

Restaurants share with customers the origin and journey of ingredients with a blockchain module. It creates brand loyalty around ingredient consistency, protection, sustainability, and sourcing. It can connect diners with knowledge about their food.

Track and trace. Supplier relationships are the backbone of the food service industry, but managing these relationships can be valuable and complicated with food suppliers ranging from little farms to multinational conglomerates. Blockchain streamlines the vetting process, bringing food suppliers and buyers into a sole platform, reducing the time for data entry, and automating risk assessment. With this technology, suppliers can get ratings and reviews from their buyers to establish their value. In addition, blockchain technology integrates with third-party verification systems and credibility scoring to eliminate fraud.

Supplier ratings. Supplier relationships are the backbone of the food service industry. However, managing these relationships can be costly and complicated, with food suppliers ranging from small farms to multinational conglomerates.

NFTs. Non-fungible tokens (NFTs) first saw popularity in the digital art world. The appeal of owning a rare, one-of-a-kind digital commemorative token or recipe from a famous chef or world-renowned restaurant is a high-stakes gain for food lovers and collectors alike.

Utility tokens. Blockchain also appreciates the customer experience regarding loyalty programs and innovative marketing strategies restaurants use. Blockchain-based utility tokens, like gift cards, use a specific currency in a restaurant. Utility tokens are primarily for hard-core restaurant fans and loyal customers who adore their favorite brands and enjoy having semi-exclusive access to a members-only payment method. Utility tokens are a loyalty promotion mechanism; they build the restaurant’s brand and are sometimes linked to additional benefits, such as digital rewards for frequent visitors.

Waste Management

Critical data from IoT and cloud analytics are used with consumer and agricultural technology data to anticipate the freshness of food from the farm to the table.

Now, fake claims of freshness can no more exist because of the immutability and purity of Blockchain data. In addition to boosting restaurants’ last lines, reducing food waste can alleviate world hunger, lower agriculture’s enormous carbon footprint, and enhance water use.

Distributor Assessments

The food service sector relies on security ties with its suppliers. Food dealers range from small farms to international corporations, so managing these partnerships may be costly and time-consuming. Plus, mitigating the danger of working with further than 1,000 third-party suppliers can be challenging for large corporations.

Companies can compile a list of Tier 1, Tier 2, and Tier 3 suppliers for internal practice and assessment. Vendors also readily post ratings and reviews on the Blockchain, creating a two-way process.

Birthvenue has contributed to India’s blockchain ecosystem through our enterprise solutions work and our learning and development division. We have built platforms to accommodate multiple use cases and deliver solutions through robust partnerships with industry leaders.

Reach us at Lakshay@birthvenue.co to discuss any potential ideas you might have. We will actualize those ideas for you and bring them close to fruition.

This is a post in our Medium blog, ‘Blockchain for Everyone.’

Schedule a call here to discuss any use cases.

Helping you understand blockchain fundamentals and develop elegant blockchain solutions to empower your successful businesses into new technology spaces, BirthVenue.