The global population will reach 8.5 billion by 2030 and 9.7 billion by 2050. It is a concern for the global FSC food supply chain to provide an adequate quantity and quality of food. In 2020, the global blockchain market was projected to reach $128,87 million.
Emerging as the most transparent technology, blockchain technology is transforming several industries. This technology was initially employed in supply chain management for digital recordkeeping. It is also helping to reduce food fraud and consumer safety risks. AgriChain, AgriDigital, IBM, Kessler, Transparent path, Ripe.io, and numerous others are Web3 dApp development companies in the food industries.
When blockchain technology is applied to the food supply chain, it improves the traceability of food-related data and transactions, enables food provenance to be tracked in seconds rather than days, facilitates food safety, verifies the quality of food, and increases the data protection level for the sensitive food supply chain.
How Blockchain will Improve the Food Supply Chain?
1.) Bring Transparency In The Food Industry
Blockchain technology offers consumers several ways that can enable them to get comprehensive information related to the products, where they are grown, and in which way they are harvested. Additionally, consumers can acquire more information regarding the origin of their food and when or how it was harvested via scanning QR codes on the packaging of the food products. After collecting the news, they can easily store it in a tamper-proof blockchain.
Supply chain ledgers based on the blockchain can enable you to identify food items subject to product recalls. Thus, it becomes so easy to facilitate individuals in removing unsafe food from the shelves of stores. After getting familiarized with such information, it becomes more convenient for consumers to make decisions regarding their purchasing and protect themselves from every kind of harmful food item.
Food Trust is a well-recognized blockchain-based food-traceability project that enables consumers to track the progress of food items. The “Food Trust” plans to expand its use of blockchain to other food items. It’s not just a single company that embraces blockchain-based food traceability, but also other companies that participate in the project to increase the transparency of the food supply chain.
With blockchain-based food tracing, food brands can improve their image and stand out from the competition. In very simple words, blockchain-based food traceability makes it easy for you to show consumers where their food items come from and how they are manufactured.
2.) Collaborative To Food Supply Chain
Blockchain is a data-driven network that enables you to track food. This is the newest technology that benefits all the participants in the food ecosystem. All of its advantages will entirely depend on the business ambitions of every participant. So, it’s crucial to admit its scalability if you want to handle the massive data set that blockchain can generate.
One of the key benefits of blockchain is its longevity. It’s a distributed database that most companies utilize for storing and sharing information on a similar supply chain. In addition to its durability, blockchain enables you to offer a high level of transparency, which is a prime benefit in the food supply chain.
Blockchain allows companies to track fresh food items in real-time. Because of its traceability feature, blockchain also provides a transparent record that will enable you to pinpoint where negligence related to food safety occurs.
With the use of blockchain technology, it becomes very easy for you to track and trace food items, improving customer experience. It’ll ultimately serve as a reliable model for the global supply chain.
Blockchain is also collaborating with various companies so that it can create a unified system, sell food items, and improve the satisfaction level of customers. This technology can also be utilized to assist consumers in getting a high level of protection from counterfeit drugs. As blockchain technology has been increasing rapidly in recent years, it’s a proven technology for pharmaceutical companies to trace prescription drugs.
You’ll find various biggest pharmaceutical companies already utilizing blockchain to keep track of their drug inventory. This technology tags every constituent of the list with digital product codes. This way, you can scan information, record it on the blockchain, and generate a permanent record through the supply chain.
3.) Provide Safety To Food Items
If you implement blockchain in food supply chains, it will create many benefits for food safety. Blockchain offers a new way of bringing diverse stakeholders together, ensuring food safety, and granting an immutable history of transactions. Furthermore, this transparency can enable you to enhance customer trust and brand loyalty.
Blockchain makes it possible for you to trace the food items where they come from but also helps the food industry improve its credibility and quality. With the implementation of blockchain technology in the food supply chain, it becomes simpler for you to improve food safety and lead to more advanced accountability for food manufacturers and suppliers. Still, they need help to afford to follow food safety regulations.
Blockchain technology makes food suppliers more transparent so that consumers can easily spot illicit practices. This way, consumers can benefit from better food safety and increase the number of potential profits. Blockchain is one of the greatest technologies enabling transparency throughout the entire food supply chain, providing real-time updates about food items, and helping you in supply chain management procedures.
Blockchain assists you in creating digital records of every food transaction so that it will become easy for you to trace the birthplace of all offenses and the subsequent consequences. This technology is required in a world where food safety has become increasingly important.
As a result of blockchain technology, It’ll not be possible for foodborne diseases to threaten the health of the general public. It provides an enhanced level of traceability that encourages many companies to prevent various food-safety issues and identify or even track all the ingredients. Besides, with the use of blockchain technology, it becomes quite easy for businesses to automate every step of the journey of a product through the supply chain.
Upon Review,
In many countries of the world, food manufacturers and suppliers have to bear the burden of proof to ensure that all of their products are safe to eat. Blockchain technology offers the securest, real-time, and most accurate traceability of products, enabling business people to reduce the risk related to their business & consumers.
Undoubtedly, blockchain enables a proactive food system. It’s a distributed network that is raising the speed of food authentication procedures, the ability to monitor & track products, and making it more valuable than ever. Furthermore, with blockchain b2b marketplace development services, it becomes more convenient for business operators to ensure that all the products are of high-quality & contain essential ingredients for the safest consumption.
