What Can Blockchain Really Do for the Food Industry?

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

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 havent 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.
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• 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.

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Lets 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.
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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 wasnt 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.
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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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Blockchain Really Do for the

Food Industry?
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