Blockchain in Food Industry
The Food Industry is facing numerous challenges due to the current economic disruptions caused by COVID-19. Market vendors need to innovate and adapt their business for the long term impact of the outbreak.
Decentralized technologies provide a field of opportunities for food supply chains and can help you boost your business. Learn how your company can benefit from it.
The increasing rates of food-related disorders have prompted consumers to make essential changes in their lifestyle and diet, making them more health-conscious and demanding more information about the source of the food they buy and where their ingredients come from.
Decentralized technologies like blockchain can allow consumers to effortlessly track and receive detailed information on the products they buy.
For instance, Carrefour has launched a blockchain solution that provides information for 20 items in their grocery stores. Allowing its customers to trace and verify the origin of the food not only builds trust in their brand but results have shown increases in sales.
In 2006, an outbreak of a food-borne illness caused by Escherichia coli bacteria was found in uncooked spinach in 26 US states. It took 2 weeks for the FDA to conduct the backtrace and to determine the source of the outbreak.
The result: tons of uninfected spinach was destroyed costing millions of dollars; numbers of infected people and several deaths.
A blockchain solution in the spinach food supply chain could have reduced the time of tracking the source of the infected spinach to less than a day preserving tons of uninfected spinach and minimize any losses for the farmers.
Food safety regulations were developed to protect consumers from incidents of food-borne illness and death. To meet the constantly growing demands from the regulator companies are challenged to look for new and innovative ways to make their food supply chain more transparent.
Blockchain technology enables this transparency by design.
Still not sure if decentralized technologies apply to your industry and business objectives? Our team can help you better understand them and how they can drive growth and competitive advantage for your organization. We offer blockchain consulting for businesses. We will prepare a tailored consulting plan that complies with your needs, technical knowledge, and goals. Reach out to us here.
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