The University College of London has recently carried out a study that determined the predominance of Blockchain projects found in fashion, health and, above all, food industries.
A recent study from the University College of London (UCL), United Kingdom, showed that the food industry has the largest number of projects with Blockchain. The report was a development of the UCL Blockchain technology division in conjunction with the Retail Blockchain Consortium.
The institutions analyzed a total of 105 different projects, including startups, corporations, consortia, and governments. These projects implement DLT technology in areas such as tracking, logistics, financial transactions, retail operations, and circular economy.
According to the report, the largest number of projects are using technology for tracking or traceability of products. Second, there are projects that apply it for logistics operations, while financial transactions are the third largest. Finally, the areas of Circular Economy and Retail Operations are the least explored, but they begin to attract attention among companies and institutions.
The totality of the projects analyzed by the study is divided almost equally between America, Europe, and Asia. At the country level, the US dominates in terms of technology adoption, the report says. As for Chinese projects, they are not reported due to lack of information available in English.
In addition, the study also found that more than half of the projects in different sectors use private Blockchain networks.
Food industry adopts Blockchain
74% of the projects apply Blockchain technology for traceability of physical supply chains, while the main areas of application are the food, fashion, and health sectors.
On the other hand, of the three sectors, the food industry stood out with the largest number of projects for the three main applications of Blockchain use: traceability, logistics, and transactions.
Currently, the origin of food is an increasingly important issue in the food industry and blockchain can be a useful tool both for monitoring supply chains, and to guarantee the quality of the product to its consumers.
Many companies in the sector are working on the development of DLT-based solutions, and substantial progress has already been made. An example is the IBM Blockchain project, Food Trust, an initiative that has important franchises such as Walmart, Carrefour, Albertsons, Unilever and Nestle among its members.
Blockchain has represented the next step in data storage management and asset management, so the adoption of technology by different sectors promises optimal development, in the case of the food industry, the entire system can change from the classification of inputs up to the delivery protocol.