Blockchain Technology in Food Industry

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Blockchain Technology in Food Industry
blockchainexpert.uk
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• INTRODUCTION

Introduction of first cryptocurrency bitcoin has
changed the industry standard across the globe.
Now people have started adopting new
methodologies for improving their business
productivity via integrating the technology-
Blockchain. While talking about blockchain in the
supply chain, the innovation not only caters to
the word quality, however, but also brings in
new derivations of transparency and collaboration
in the entire food system. To summarize,
blockchain in food industry can be a vast stage
with a lot of gains and adaptiveness, especially
in terms of traceability, production, supply
chain and also the prominent division-
finance. How blockchain can bring a greater
transformation in the field of food production,
its supply chain and finally to the end-users?

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• One very good example in front of us is how
  Wal-Mart and IBM introduced a food traceability
  system using blockchain. Starting from the leafy
  green food supply chain, Wal-Mart has introduced
  blockchain in speeding up, identifying and
  researching on reacting with food safety
  situations. And they found out that the
  technology is so aggressive and fast that the
  research that could take 7-8 days now needed only
  2.2 seconds.
• Let's see how traceability can bring a faster and
  aggressive report on food production and supply.
• Firstly, the system will provide a correct and
  time to time updated report to stakeholders from
  where a particular item came from, during what
  harvest, and from which means and from which
  farm. This will also allow the government to have
  a clear investigation of the items. With
  blockchain data, it is possible to find the
  source in a few seconds.

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By integrating much technology with blockchain,
it has paved the way to some innovative changes
such as IoT (Internet of Things), like the AIS
sensors used by Viants partners in Fiji.By
introducing many new technologies with
blockchain, it can assuredly bring a tremendous
change.Introducing a decentralized and more
transparent system, companies are able to provide
data with a high degree of control and anonymity
that may have universal acceptance.
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Since the data is cryptographically hashed, it
gives error-free results, making the system very
attractive. Be it for the self-use or for
customer purpose, it is mandatory that the
companies before purchasing or investing in a
subsequent product, go for a data check. One
great applicability of blockchain in food
industry is this data sharing feature. This can
include basic things like the soil conditions,
how the harvest going to affect, crops health and
so on. Sharing of each minute data into
blockchain could make the companies invest into a
particular farm and make a choice for a good
product. With immutable ledger technology data
that has been brought together from multiple
sources can facilitate data access for banks,
retailers, insurance companies, suppliers,
distributors, groceries shops, agriculture
machine suppliers, NGOs, and government agencies.
One major benefit of sharing so much information
is the transparency in data related to the
particular industry. In the food industry
scenario, decentralized data will open doors for
better funding of producers, especially farmers
with small farms. This, in turn, will help the
farmers to produce good quality seeds and other
desires to showcase better production.
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Capital Access seems to be a great barrier for
smallholders of land and find it difficult to get
money through traditional fund accumulate methods
like loans. Lack of documents, history of
credits, and other issues make it hard for the
farmers to accumulate fund. One great solution
that can curb all these challenges is the
introduction of tokens. The ICO expanded as
Initial Coin Offering, will help to generate
funds by introducing tokens. Many companies have
already started introducing token sale for the
farmers to make fund. Agrocoin is one among the
example. The coin took birth in Mexico
envisioning extension of support towards
agribusinesses across the Americas.
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Instant payment of the product and services from
the companies and suppliers is still a matter of
issue for the farmers. Payment in cryptocurrency
is one solution for the farmers to get instant or
same-day payment. The blockchain platform that is
automated allows paying a fee that is a fraction
of traditional payment transfer. This will lead
to an increase in profitability for framers and
everyone involved in the supply chain process. A
good example of this is BitPesa, a digital
foreign exchange and payment system that
leverages blockchain settlement which started in
Kenya Nairobi in 2013. As of 2019, food industry
system has adopted blockchain technology only for
their traceability, access and verify. This got
implemented in the pilot state. More to come from
many big industries, as many companies have
already started exploring the open-source
blockchain like EOS, Ethereum, Hyperledger for
its supply chain and also payment transfer. By
combining much other technology like IoT(Internet
of Things), RFID (Radio Frequency Identification)
it is aiming to serve a huge change in the food
industry.
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Technology in Food Industry
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