How can Blockchain be used in the Food Industry?
A new phase is in the town!
Blockchain technology has changed our perspective and understanding. We are moving to the advanced world! Blockchain tech has done a lot in the finance sector, but spread its root in the food industry. It has proposed various benefits while facilitating it in the Supply chain and Food retailing:
The blockchain is not only traced but determined as the game-changer in the market. Implementing it into the system can connect and enable efficiency, transparency, and accountability among participating factors. For higher standard production, efficiency, and sustainability-blockchain plays an important role.
What values would be added for the supply chain companies?
Blockchain is everywhere!
It eases the path for many sectors to manage the workflow smoothly. Supply chain networks possess several challenges like:
- Coordination among distinct factors
- Lack of traceability
- The costly data reconciliation process
Advanced tech identifies as the next-generation technology. Industries have adopted it, yet some are in the phase of adaptation. “Recent blockchain trials in food traceability are promising, but it is still early. Coordination is critical to stop illegal and unethical practices.”
Why use blockchain to track food supply chains?
The technology supports traceability, security, and decentralization while facilitating data around the food. Blockchain transactions are immutable and cannot be changed or hidden. The entire network of people has access to the information. The unique functionality can help in distinct factors:
- Reduce the chances of food spoiling
- Help in mass recall of the contaminated food items
- Identify the wastage in the food supply chain
- Prevent food tampering
Do you want to integrate blockchain technology into Food retailing? The DotVerse is integrating blockchain into the Food retail & Supply chain.
Originally published at https://blockchain-dotsquares.blogspot.com on May 10, 2022.
