Blockchain in Food Industry

Hidden Side of Blockchain Food Industry

The importance of trust is undoubtedly required in various industries like hospitals, food and beverages as they deal with the physical and emotional state of everyone directly.

Solutions provided by blockchain food helps to make sure that this trust between producers as well as customers doesn’t get damaged.

Blockchain technology for food and agriculture offers the necessary tools and components to secure the data, transfer funds and receive the payments. Also, they protect products with immutable virtual Intellectual Property Rights (IPR).

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Why Do We Need Blockchain Tech for Food Industry?

As indicated by the World Health Organisation, approx 582 million people get easily affected owing to the food contamination.

This was amid the year 2010, and the numbers have just been increasing ever since. Why is it happening? There are many reasons why it’s happening, a few of them include improper packaging, the addition of too many preservatives, fake substitute manufacturers, etc.

Government agencies have been trying their level best to exterminate food crime on a global scale via strict regulations, but these changes will take some time before becoming a habit. With blockchain issues, like usage of fraudulent ingredients as well as fake manufacturers can be discarded.

Blockchain is a Doctor of Food Industry

Some of the following include some famous big giants who have started adding blockchain into their food business for the purpose of protecting food products in terms of quality and faster delivery. They include –

  1. Nestlé
  2. Walmart
  3. McLane Company
  4. Unilever, etc.

Most of the blockchain-based solutions in the food and beverage are taken over by IBM for protecting the digital identities of manufacturers and suppliers. This is accomplished for making sure that the only the necessary party will know about the manufacturing processes, and that there will be no involvement of any 3rd party that in turn reduces the chances of manipulation. Besides, blockchain is well-equipped for eliminating issues surgically.

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Offers Better Statistical Info

Blockchain is decentralised and uses smart contracts for connecting multiple manufacturers, suppliers and customers altogether in one place. The entire data is recorded, and this data can be integrated with business analysis tools like Qlik View or IBM SPPS to understand the behaviour of food markets better.

Validates Food and Beverage Labels

Blockchain offers proof of evidence for every single ingredient used in a product that allows customers to track the source quickly. No one can manipulate the data stored or labelled as it is protected with either public or private encryptions according to the requirement.

Directly Connects Distributors and Farmers

With blockchain, farmers can happily say goodbye to 3rd party interventions. Now, they can directly sell to the customers as well as distributors at a price that they fix for their products instead of allowing centralised authorities to set the price of products.

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Blockchain May Work Like an Uber for the Food Industry

Customers can directly order food to the manufacturing units, agricultural farmers or suppliers. This lowers down the transaction fee and leads the food markets to help small as well as medium food and beverage enterprises as well. Most of all, blockchain technology allow quick payments in the form of cryptocurrency and tokens.

Conclusion

All industries are taking chances with blockchain to ensure their privacy, security and legitimacy. Why do you wish to wait when you can sell at your own price and reach more audience easily.

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