What Can Blockchain Really Do for the Food Industry?

1. What Can Blockchain Really Do for the Food Industry? blockchainexpert.uk

2. Blockchain was initially coined as part of Bitcoin-the cryptocurrency. However, today the technology behind cryptocurrency is widely used for various industry spaces to execute their operations. Be it document verification, music, and entertainment, automobiles, telecommunications or any other. Hardly there exists an industrial space, that haven’t heard about or tasted the essence of blockchain technology. Blockchain continues to push its wide adoption among business circles and industries like food and beverage dauntlessly apply it. Benefits like enhanced transparency, improved efficiency, and greater collaboration, have attracted many big players like Nestle, Starbucks to keenly focus of blockchain undertakings. Today, juggernauts are continuously pouring in blockchain-powered initiatives in their operational circuit. Indeed, in 2019, blockchain has been penetrating deeply into food industry at a quickened pace. And it is expected that by 2025, about 20% of the top 10 global merchants will deploy blockchain in their food business. INTRODUCTION

3. So what makes blockchain technology so popular among the industry giants? It is none other than the distributed ledger technology of blockchain. The shared, distributed ledger of transactions over decentralized peer-to-peer network, makes blockchain technology highly appealing to the mass. Blockchain is certified to be an ingenious invention that can bring transformative changes in the food industry space. With deployment of blockchain in the operational circle, there instantly establishes a framework of trust and transparency and food industry is no exception to greatly benefit from it. For instance, the consumer can easily trace the source of their product, grocery stores could identify the immediate replenishes, shippers can easily identify if the truck is sufficiently filled with stocks and many more. If one sits to count the blockchain benefits in food industry, it is nowhere to reach the finish line. Because there are boundless advantages the distributed ledger technology can offer towards the food industry.

4. Let’s see in brief how the blockchain technology can actually work in food industry framework. As discussed above, the backdrop for the effective management comes from the shared, distributed ledger of transaction. It makes it possible for the food industry participants to trace the source of their food, beginning from the farm and ending at general store racks. Traceability is yet an essential segment for the business everywhere, in which examinations concerning foodborne diseases require extra swiftness to counteract human misfortunes. Therefore, on account of a speculated food contamination or foodborne diseases, finding the spoiled batch of products is made easier and simpler with blockchain technology. Broadly viewing, blockchain is presumed to solve two fundamental issues in food industry. Firstly, establishing transparency in the industry and secondly tracing the transactions within. According to a recent report issued by the United States-based Food Marketing Institute (FMI), the outcry for better transparency in the food industry is growing. The public demand to clearly list out the product ingredients and source of food is rising day by day. Consumers are getting health conscious and are into collecting the product information as much as they could get.

5. According to the report, recently about 75% of Americans shifted their brands to new that gives more in-depth product information. They have started opting those products and companies, that gives them information beyond the label written. A few years back, this wasn’t the case. People were comparatively less conscious on the product info and hardly 39% proclaimed they would switch the brands if the brand fails to produce sufficient information in public. However, today the case is different, with rising consciousness in individual health and well-being, people have urged the necessity of getting adequate information in public. Blockchain, being an effectively open, immutable distributed ledger by configuration seems a viable option and an effective solution to distribute the customers a concrete, immutable information on food. Blockchain's immutability nature helps the food industry to establish a label of trust via proving the data provided by the food companies are uncorrupted. Coming to the traceability factor, food industry considers blockchain innovation nothing less than a boom to gather information from different sources and make a single view of transactions happening inside.

6. For example, in 2017, the U.S. Food and Drug Administration (FDA) examined a deadly Salmonella flare-up connected to papayas imported from a farm of Mexica. In order to find the source of the outbreak, organizations then had to draw in several meetings and tests in lab conditions. However, with blockchain technology, the investment on investigations can be reduced. Blockchain keeps the potential to rightly identify the responsible without any moments delay. By utilizing the technology of distributed ledger-blockchain, the partners can easily trace the degenerate harvest from a specific farm and after that precisely expel it from the supply chain.

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