Blockchain Technology in Food Industry
Introduction of first cryptocurrency bitcoin has changed the industry standard across the globe. Now people have started adopting new methodologies for improving their business productivity via integrating the technology- Blockchain.
While talking about blockchain in the supply chain, the innovation not only caters to the word ‘quality’, however, but also brings in new derivations of transparency and collaboration in the entire food system. To summarize, blockchain in food industry can be a vast stage with a lot of gains and adaptiveness, especially in terms of traceability, production, supply chain and also the prominent division- finance.
How blockchain can bring a greater transformation in the field of food production, its supply chain and finally to the end-users?
One very good example in front of us is how Wal-Mart and IBM introduced a food traceability system using blockchain. Starting from the leafy green food supply chain, Wal-Mart has introduced blockchain in speeding up, identifying and researching on reacting with food safety situations. And they found out that the technology is so aggressive and fast that the research that could take 7–8 days now needed only 2.2 seconds.
Let’s see how traceability can bring a faster and aggressive report on food production and supply.
Firstly, the system will provide a correct and time to time updated report to stakeholders from where a particular item came from, during what harvest, and from which means and from which farm. This will also allow the government to have a clear investigation of the items. With blockchain data, it is possible to find the source in a few seconds.
By integrating much technology with blockchain, it has paved the way to some innovative changes such as IoT (Internet of Things), like the AIS sensors used by Viant’s partners in Fiji. By introducing many new technologies with blockchain, it can assuredly bring a tremendous change. Introducing a decentralized and more transparent system, companies are able to provide data with a high degree of control and anonymity that may have universal acceptance. Since the data is cryptographically hashed, it gives error-free results, making the system very attractive.
Be it for the self-use or for customer purpose, it is mandatory that the companies before purchasing or investing in a subsequent product, go for a data check. One great applicability of blockchain in food industry is this data sharing feature. This can include basic things like the soil conditions, how the harvest going to affect, crops health and so on. Sharing of each minute data into blockchain could make the companies invest into a particular farm and make a choice for a good product.
With immutable ledger technology data that has been brought together from multiple sources can facilitate data access for banks, retailers, insurance companies, suppliers, distributors, groceries shops, agriculture machine suppliers, NGOs, and government agencies. One major benefit of sharing so much information is the transparency in data related to the particular industry.
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Originally published at https://www.blockchainexpert.uk.
