The Potential of Blockchain in the Food Industry

By CIOReview | Monday, June 3, 2019

FREMONT, CA: Trust is significant in various industries like food and beverages and hospitals as they tackle the physical and emotional state of their clients directly. Resolutions provided by Blockchain helps to make sure that the faith between producers and consumers is not damaged. Blockchain technology for food and cultivation offers the essential tools and apparatus to protect data, relocate funds, and receive payments. Blockchain also protects products with immutable virtual intellectual property rights.

Need for Blockchain in Food Industry:

The number of people affected by food contamination was calculated to be around 582 million, as per a survey by the World Health Organization in 2010. There are many reasons for the occurrence—improper packaging, the addition of too many preservatives, and fake replacement manufacturers.

Government agencies have been trying their level best to eliminate food crime on a global scale using stringent regulations, but the changes will take some time before becoming a habit. With Blockchain issues, the usage of artificial ingredients, as well as counterfeit manufacturers, can be scrapped.

The majority of the Blockchain-based solutions in the food and beverage are conducted by shielding the digital identities of suppliers and manufacturers. It is accomplished for making certain that the only the essential party will know about the manufacturing procedures, and that there will be no concern of any third party that in turn reduces the odds of manipulation. Besides, Blockchain is well-resourced for removing issues surgically.

Blockchain Endorses Food and Beverage Labels:

Blockchain uses astute contracts for linking multiple manufacturers, suppliers, and consumers overall in one place. The aggregate data can be recorded and integrated with business analysis tools to comprehend the performance of food markets better. With Blockchain, farmers can directly sell to the customers as well as distributors at a price that they fix for their products instead of allowing centralized authorities to set the cost.