Bringing Transparency to Food Supply Chains
A supply chain is a network between retailers, production companies, suppliers and multiple intermediaries in between. The supply chain represents the steps it takes to get the product or service to the customer.
In this article, we discuss current issues with food supply chains and how blockchain technology can solve these problems.
Issues with the current supply chains
Supply chains of today’s food industry shows several issues. While a hundred years ago, the food supply chain was simple and local, today, food travels thousands of miles and changes hands countless times along the way. It’s incredibly difficult for consumers to truly know the value, quality and safety of food products, because there is a significant lack of transparency in our current system. In a similar way, it’s extremely difficult to investigate supply chains when there is suspicion of illegal or unethical practices. They can also be highly inefficient as vendors and suppliers try to connect the dots on who needs what, when and how.
Tracking on the Blockchain
Blockchain is a distributed database that holds records of digital data or events in a way that makes them tamper-resistant. While participants in a blockchain may access, inspect, or add to the data, they cannot alter or delete existing data. The original information stays put, leaving a permanent and public information trail of transactions. It provides a single version of the truth about transactions and activities occurring across complex supply chain ecosystems. Traceability is potentially a great application for this technology.
Some projects are already leveraging blockchain technology to tamper-proof supply chain data and provide transparency to consumers. On example is the internet giant JD.com which tests the possibilities of blockchains in the food sector with selected beef meat, where customers can now reliably track the journey of their ordered beef using a blockchain-based tracking system.
We at Morpheus Labs believe strongly that blockchain will be a huge facilitator in making food supply chains more transparent and secure. We are excited to soon share more information on how Morpheus Labs will take part in improving the food industry.
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Morpheus Labs Business Update (July 2018)
Dear Supporters, we are happy to share with you our July business update.