Technology

Adoption of Blockchain Technology in the Food Industry

Since last few years, blockchain technology offering many applications in the number of different industries. As increasing adoption of blockchain solutions worldwide, the food and beverage industry also begin to employ the technology in recent years. That’s why many top food industries such as Starbucks, Nestle, and Carrefour implementing this solution in their supply chain.

Hence, the Food industry has been grown with a huge revenue in the year 2019. According to the research, near around 20% of the top food suppliers will adopt the blockchain solution in the coming future.

Attracting consumers with data and spotting food illness

As we know, Blockchain-based solutions offering huge efficiency in the food supply chain.  However, there may be some essential issues which can be solved with the help of blockchain technology. As per the 2008 research that is analyzed by US-based FMI, people demand transparency is rapidly increasing in this market. Hence, nowadays, consumers became more conscious regarding their health. And they also want to know more details about food before buying it.

However, the study found that around 75% of customers expecting to move towards the brand which offers deep product information. That is why Blockchain offer ledger which is easily accessible for consumers. This ledger will offer more immutable and concrete data regarding food products.

Nowadays, food industries prefer to use treatability owing to the growing consumer demand for credibility and transparency. That is why the Blockchain solution aids them to verify that the data providing by the food supply chain is accurate.

The most significant driver for food suppliers is the capability of blockchain solution to gather information from several resources. However, it also helps to create a single sight of the transactions. Blockchain technology playing a major role in tracing food products from its initial stages. Hence, it ultimately improves the efficiency of the food industries and increases food safety.

IBM’s Blockchain Solution

IBM’s “Food Trust” is one of the major blockchain solutions which basically depend on containing Hyperledger Fabric protocol. Since 2016, several food giants such as Nestle, Unilever, Carrefour, and Dole Food accelerating their growth with blockchain solutions. Several food products were tracked by suppliers with the help of ‘Food Trust’ solution, according to the IBM report.

Blockchain-based Food Tracking Tools  

The top organization ‘Carrefour’ launches the blockchain-based solution in 2019 March. Thus, the blockchain solution mainly aiming for tracing the milk. The name of this solution is CQL (Carrefour Quality Line). Though the CQL solution offers massive transparency between product traceability with the entire supply chain. That is why the solution can be useful from farmers to storekeepers.

The blockchain solution offers complete access to concrete information comprising GPS location of milk production. And, it offers comprehensive details about milk collecting and packaging. That is why the solution can also provide a complete list of shareholders who are participating in the product line.

Chinese Food Industry and Blockchain Solutions

In 2018, the Chinese market dominated for the highest revenue for the food and beverage industry across the globe. According to the report, the Chinese Food and Drug Administration is planning to implement blockchain-based solutions to improve food quality. However, it also improves product traceability margin.

Maria Garcia

One of the youngest members in our team of versatile writers, Maria Garcia is a thorough IoT blogger who keeps the reading momentum soaring with her lucid analysis of critical concepts such as IoT. Technology remains closest to her heart when it comes to articulation. She closely follows ongoing developments across the ambit of machine learning and AI to hone her analytical skills and reflect the same precisely in her IoT centric write-ups. She also cracks new tactics in data security and malware attacks to understand the concept of IoT app development. Her rich understanding of IoT is also reflected in her personal blogs which she regularly updates besides her professional commitment. Email Id: maria@themarketgazette.com Contact No: +1 210-667-2450

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