With emerging technologies like Blockchain, AI, and IoT powered solutions, various industries like healthcare, automotive, and more are developing safe, efficient, and transparent solutions to address various challenges. Now, the food industry players are exploring blockchain technology for solutions to address challenges like fragmented supply chain processes, fraud, counterfeiting, foodborne disease, and more. Let’s analyze and find out the potential of blockchain in the food industry.
Blockchain is a type of digital distributed ledger technology (DLT) that records end-to-end information in a shared yet immutable manner with encryption mechanisms across the network of stakeholders. It ensures that no single entity gets the authority to access or manipulate information. As a result, it establishes trust, transparency, and efficiency in the network. It eliminates the need to have one centralized system owned by a single governing body and thus, many other complexities.
Introducing Blockchain in the Food Sector
Essentially, the food supply chain stakeholders, including manufacturers, processors, suppliers, and customers, when using the blockchain-powered ledger, can access end-to-end product records from their provenance to the dining table. Such blockchain supply chain solutions can provide various advantages to the food industry stakeholders.
With blockchain-powered provenance traceability, they can know where data came from while tracing its entire history. Additionally, with tamper evidence capabilities, they can get to know if someone changed information. They can also control what someone should see and perform actions at a data element level.
In the following sections, let’s explore how blockchain applications and solutions supplement the food industry.