Food Blockchain Market Research
The community of Blockchain users has come a long way.
It has gone from focusing only on crypto. People now have a broader understanding of various methods of leveraging blockchain technology. It has come into everyday use across food industries. Blockchain makes it possible to have a shared ledger of transactions. This ledger spreads across various decentralized networks.
In the food industry, such a ledger is very important. It makes tracking the source of different food items possible. Investigators can start from the point of production. They can see the entire route the food takes, ending at the shelves in the supermarket. If any contamination or food sickness happens; it will be simpler and quicker to find the source.
As the masses continue to use Blockchain, it has shaped the food industry. That industry has become a significant destination for Blockchain technology.
One of the standard uses of Blockchain in the food industry is traceability. It makes it possible for enterprises to track unsafe products. Blockchain enables investigators to see their areas of distribution. This technology can prevent further contamination and save lives.
The US Food and Drug Administration investigated a deadly salmonella outbreak in 2017. They were able to trace it to papayas imported from a Mexican farm. The agency conducted over a hundred interviews. They also reviewed many mango samples in lab conditions. They had to do all this work to pinpoint the source of the outbreak. Blockchain can cut the process of finding the liable supplier to seconds. Participants can use the technology to track the farm from which tainted crop came. They can then remove it from the supply chain.
Most of the big players have now embraced blockchain initiatives. These players include Carrefour and Starbucks. Blockchain has undoubtedly pierced the food industry in 2019 at a fast rate. According to research, about 20 percent of the world’s top 10 grocers will use the Blockchain by 2025. Investors indicate that Blockchain has the power to transform the entire food industry. How will it do so? By increasing transparency, collaboration, and efficiency through the whole food system.
Uses in the food supply industry
So, what makes this technology so appealing to the food industry?
- Tracking foodborne illnesses. Illnesses contracted as a result of contaminated food continue to be a significant concern. The situation is worrisome not only for governments but also for each one of us. Hundreds of millions of people get infected from contaminated food each year. This problem has drawn the attention of governments. It affects food companies and consumers all over the world. The potential for contamination in the supply chain is high. Why? Because of the increase in globalization of food trade and distribution. Blockchain makes it possible to track the source of any contamination. Stakeholders can handle the situation before it gets out of hand.
- Supply chain. Blockchain is vital to any digitized supply chain. It makes it possible for startup businesses and customers to track any product. Stakeholders can follow products from the pickup time, to the time products get to the end consumer. Making use of Blockchain has saved digital ledgers. It is now safe to share information with parties and carry out transactions. Blockchain in the supply chain reduces errors, fraud, and tracking charges.
- Sources of growth. The benefits of Blockchain can save companies time, money, and efforts. Cybercriminals can’t penetrate businesses that use blockchain technology. For business owners, it is essential to get feedback from their customers. They use this feedback to improve their goods and services, thereby enhancing growth. Blockchain helps mid to large-sized organizations to avoid miscommunication. Together with strategy consulting, it reduces fraud. The whole supply system progresses. Stakeholders will also notice better transparency between companies and consumers.
About Food Blockchain Market Research
Food Blockchain Market Research provides the data, tools, strategies, reports and insights that can help unlock new and transformative market opportunities. Contact us for your next Food Blockchain Market Research project.
Contact us for your next Market Research Project.
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