Blockchain has been applied in a number of industries such as supply chain, education, and finance but one of its more interesting applications has been in the world of food and more specifically, the tracking of food from one place to another. This has seen blockchain being applied to products to enable consumers to track where the produce is coming from and has been deployed by Walmart to prevent e.coli outbreaks and also ensure the quality of food for those who have dietary or religious restrictions. This shows just how versatile blockchain can be beyond just the creation of cryptocurrency, which is its most famous product.
According to recent reports, over $31 billion could be saved by the food industry by making use of blockchain to track food from its farm to the final consumer over the next five years.
This information comes courtesy of a November 25, 2019 report by Juniper Research which states that if blockchain is used in conjunction with Internet of things trackers and sensors, the food industry can significantly reduce fraud as well as carry out more efficient food recalls and ensure efficiency and regulation compliance while also ensuring a streamlined supply chain.
Beyond just making processes more efficient in general, the report also states that the food industry could save up to $31 billion by applying blockchain and Internet of things trackers and sensors.
“Today, transparency and efficiency in the food supply chain are limited by opaque data forcing each company to rely on intermediaries and paper-based records. Blockchain and the IoT provide an immutable, shared platform for all actors in the supply chain to track and trace assets; saving time, resources and reducing fraud,” said Dr Morgane Kimmich.
Substantial savings, according to the reports, can be observed as early as 2021 and a 30 percent cost could be saved on compliance by 2024 which shows are there is a diverse range of benefits for the application of blockchain in the food industry. As blockchain continues to take its place in the world, there is practically no limit to the areas of life that it can be applied and the ways in which people can benefit.