Blockchain has changed many industries, but has had a particularly strong impact on the food industry. Technology makes it easier to know the exact origin of your food and to follow it along the supply chain to the customer. Some of the most popular companies that have adopted this technology include Carrefour and IBM Food Trust.
Higher levels of transparency and tracking
For the consumer, it has become very important to understand where their product comes from. Auchan, a company based in France, has announced that it will implement blockchain technology to track food supply in five countries, including Senegal, Spain, Portugal and Italy. After making its announcement, the company implemented an 18-month process in Vietnam, which saw success.
The technology records the information of a product at each point in the distribution process. For example, once a food source is removed from the ground and is prepared, the TE-FOOD blockchain records the origin. The food product is then delivered to a distribution plant and is checked against the information already present on the blockchain. According to the press officer of the company,
"This is a key point of the blockchain in an industry where data is a precious resource [a] reseller, we can not ask a manufacturer or supplier to provide us with the information without a return. "
He added that blockchain-based technology solved significant problems, including the need for relevant information on the supply chain. In this way, suppliers must produce information and remain honest in the process. Even consumers are happy with the changes. Current studies show that they are looking for more producers and distributors of ethical food products.
Loyalty and business
Another stellar aspect of blockchain technology in the food industry is that it also provides an aspect of automation. The blockchain industry has already generated 5.6 trillion dollars in the food market and is trying to play a limited role in other sectors as well. In addition, four of the largest agricultural companies have recently collaborated to bring blockchain technology to the grain trading process. The partnership press release states,
"Eliminating inefficiencies would lead to shorter document processing times, reduced waiting times and better end-to-end contract visibility."
A technology without trust?
Going forward, many are starting to wonder if the technology is actually without trust. After all, if it is not, then there is not much point or purpose to rely on the technology. Some explain that registers can be misleading, they can be falsely registered and there may also be other problems. According to a study by the National Farmer's Union, fraud is an expensive problem for the UK market. The study explained,
"Food fraud means intentional and intentional substitution, addition, tampering or misrepresentation of food or ingredients or packaging at certain stages of the product distribution cycle, which also means false or misleading claims about a product for purpose of profit. "
At this point, right now is the time to look to the future and to consider how the technology will be implemented in light of its benefits and, of course, the disadvantages.