Juniper Research’s study states that blockchain can help the food industry save up to $31 billion. Some companies are already testing the trendy technology.
On November, 25, Juniper Research published a report that analyzes the potential impact of blockchain on the world’s food industry. According to it, blockchain-enabled tools will effectively reduce retailer costs by enhancing the efficiency of a supply chain. Besides, they will simplify regulatory compliance, provide better food recalls, and resolve cases of fraud.
So, the report states that the gradual use of DLT and the Internet of things in the supply chain area will bring significant value to the food industry supply chain. Hence, in just five years it can save 31 billion US dollars. From a business perspective, this is a significant incentive to apply the technology.
The research author, Dr. Morgane Kimmich says “Today, transparency and efficiency in the food supply chain are limited by opaque data forcing each company to rely on intermediaries and paper-based records. Blockchain and the IoT provide an immutable, shared platform for all actors in the supply chain to track and trace assets; saving time, resources, and reducing fraud.”
DLT has already managed to penetrate the food industry. In 2018, IBM launched the Food Trust platform to track the life cycle of food products. And Nestle, Dole Food, Golden State Foods, McCormick, Tyson Foods, Unilever and several others. Carrefour retailer, which uses this platform to track supply chain and product safety, also joined the testing. Moreover, in the next few years, blockchain will become applicable to all Carrefour’s subsidiaries.
According to the World Economic Forum, by 2027, 10% of global GDP will have a connection to the blockchain.
Recently, Altcoin Buzz elaborated on the top 5 businesses that blockchain and cryptocurrency will impact the most.
Besides, recently the Winklevoss twins have entered the blockchain gaming space.
food safety is not just a food issue; it’s also a supply chain issue. But, thanks to advances in technology, people are beginning to learn how the issue can be resolved. Blockchain Technology can be implemented to ensure the food safety and can minimize the food wastage. It is always good to hear about the new technologies are being implemented in many areas like food industry and education.