Blockchain disrupts the Food Supply chain

 

Blockchain In Food Industry

Blockchain is a collection of nodes, each one is connected to its previous and successive nodes, each block of data is encrypted with hash functions that provide immutable data blocks, higher transparency, and shared as distributed ledger , Decentralized.

Blockchain provides enormous facilities to the food industry with the help of IoT technique. IoT will help in collecting the data from the real-time entity, helps in controlling your smart devices with help of blockchain applications over the internet. IoT techniques link the physical off the chain to the Onchains digital worlds, catching data like temperature and humidity during transportation or storage of the product. Blockchain gives a secure and immutable platform, it allows all the participants in the supply chain to view the transactional data.

Survey report presented by ‘Key Vertical Opportunities, Trends & Challenges 2019-2030’, Juniper Research reveals that blockchain used with IoT sensors and trackers will have huge benefits. 

These are:

• It will enhance the supply chain, reducing retailers’ costs

• It offers simpler regulatory compliance

• It will intensify and facilitate the food recall process

• It will authorize $31 billion in food fraud savings globally by 2024

With the context of the 2018 policy paper by the Food and Agriculture Organization of the United Nations (FAO), blockchain will transform the food supply chain in India.

Smart contracts help in eliminating the middleman lying on the supply chain network. It helps in reducing operational costs, acquiring higher efficiency.

Here we will see the samples of blockchain projects emerged to disrupt the food supply chain,

The Sustainable Shrimp Partnership (SSP) has collaborated with IBM to use its Food Trust ecosystem to implement the entire traceability of SSP shrimp for their users.

Nestlé collaborated with a blockchain platform OpenSc, Inorder to trace milk from farms and producers in New Zealand to Nestlé factories and warehouses in the Middle East. 

Food Trust admits a safe and secure platform where data can be uploaded and shared. This helps to verify the authenticity of product claims. All the data related to the production are updated on the blockchain so that it will be available to the retailers, and users to track every stage in the process.

This will also ensure verification of the shrimp’s SSP qualification, eg, it is adhering to the Aquaculture Stewardship Council (ASC) Standard and is antibiotic-free. 

The Malaysian Palm Oil Council (MPOC) has colluded with BloomBloc to execute blockchain technology for enhancing accountability and traceability. 

Conclusion

Blockchain is a promising technology with multidimensional benefits. Blockchain used along with the IoT, will help us in establishing a transparent supply chain of food, reduce food fraud, and build consumer trust. Enterprise Blockchain Solutions helps the various business verticals with unique solutions addressing business needs with customized blockchain applications.