Control Food Fraud Waste and Safety using Blockchain TechnologyNovember 11, 2018
There are innumerable use cases of blockchain technology in almost every field ranging from asset management, music royalties, supply chain link, insurance claims processing, money lending, cross-border trading and lot more. Immutability of the records in the decentralized ledger makes the technology very powerful.
Though the extensive application of this technology is still away, companies like XinFin combine the power of public and private blockchain networks to provide enterprises with a powerful distributed ledger technology for their customized purposes. They have so far provided for the supply chain industry, supply chain, invoice factoring, and more.
The food supply chain process can be managed efficiently using the blockchain technology. This is indeed a game changer. There is regular consumer pressure on food manufacturers. Most of the probelms revovle around the transparency involved in sourcing and the supply chain as a whole, providing for end-to-end traceability.
This technology can help keep a clear check-in food fraud, food waste, and food safety issues. Everything from the field to the table thus becomes trackable, and you know what kind of food you are processing in your supply. Growers, packers, suppliers, wholesalers, retailers, logistics and you can track the activities of everyone who will be involved in the food supply chain process.
It can seem like a lot of hype. While the industry is still nascent, it can appear so. However, this technology is going to help with a lot of trusted information sharing. When trusted information exchange is made possible the rest about adding valuing and solving other issues in the food change will be automated.
This will be of help when dealing with small and large scale companies involved in the food chain. Multiple parties will endorse the version of the truth. The momentum for truth is already prevalent and spreading in the industry. Supply chains are being optimized to ensure product freshness, thereby making the best use of food supply. The supply chain is set to be more corroborative.
Several members who have a role to play in the food chain starting from suppliers, retailers, and the end consumers. The growers have the responsibility to ensure quality in the produce. The retailers and suppliers are to be accountable about the product freshness. When the entire transaction is carried out in a permissioned network, the end consumer will be able to get an accurate picture of food origin and the details that contribute to the nutritional value and the shelf life. With food being an everyday need, the technology can be a game changer in ensuring quality supply or produce to the consumers. Precise documentation of shelf life will ultimately help reduce food waste.