The food and beverage industry is already benefiting from the implementation of blockchain technology in tracking food from its source to its ultimate destination.
The biggest effort in this industry so far comes from IBM’s Food Trust ecosystem, which consists of producers, suppliers, manufacturers, and retailers who have joined the partnership in order to create a better food system for everyone.
Benefits for Businesses
Having a shared, immutable record of data within the food industry helps build an ecosystem that is more efficient, which saves businesses time and money. More control can be had over the supply chain and any issues can be quickly found and remedied.
Blockchain technology allows companies within all the different areas of the food supply chain to collaborate more seamlessly than before, eliminating pain points and fostering better solutions to common problems.
Companies that are a part of a food trust ecosystem may also experience a boost to their brand reputation. It’s easier to build trust among customers when verifiable information can be shared with them, giving customers more peace of mind regarding their purchasing choices.
Benefits for Customers
An improved blockchain system shared between suppliers and retailers means fresher ingredients and more transparency for consumers, empowering them with the freedom to make more informed food-buying choices.
Customers who prefer to be in-the-know about their purchases can track their food and drinks to have a better understanding of where it all comes from. This allows shoppers to confirm the quality of their food but it can also be used for more lighthearted purposes. For example, Ailsa Bay allows curious customers to follow their whiskey’s journey and ensure its authenticity through a QR code printed on the bottle’s label.
Businesses can use information stored on the blockchain to reduce food recalls and other potential health issues, which ultimately leads to safer ingredients for consumers.
Benefits for the Environment
Keeping food supply data on the blockchain allows for a more sustainable system. Primarily, it helps eliminate waste that can occur along the supply chain due to spoilage. Other environmental benefits can be made by analyzing the data available to discover new ways to mitigate negative impacts.
Having food data readily available to consumers encourages people to be more knowledgable about their purchases and products’ effects on the environment. Consumers may then encourage the brands they buy to become more environmentally conscious and accountable regarding their business practices.
Additional Information
For more information on the basics of blockchain and how it works within the food and beverage industry, watch this series of informative videos provided by IBM.
