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Blockchain as the Gamechanger for Food And Beverages Industry
Efficiency is an important element for successful supply chain management in the food and beverages industry. Strategic planning helps reduce waste and mitigate risks. Planning must be carried out properly in order to optimize production capacity, inventory management, transport efficiency, and risk management to ensure quality. Relevant initiatives in the supply chain can reduce costs and provide a competitive advantage for a company.
Food and beverage executives view the supply chain management as a key business strategy for this challenging environment. By adopting blockchain, supply chain management can be made more transparent and thus ensure data security. Blockchain can help companies map their supply chain and provide users with better information. Companies can quickly identify the source of contamination by using blockchain, which can ultimately help them control and prevent foodborne diseases.
All transactions and activities in complex ecosystems of the supply chain are stored in the digital ledger. Blockchain users can access, inspect, and add information to the stored data. However, encryption prevents existing data from being altered or deleted. In real time, data on inventories and supply chains can be submitted, stored, tracked, and evaluated across multiple parties and jurisdictions from farm to table. For a product ingredient, all information from the original grower, processor, transporter, the manufacturer is entered in the distributed ledger network. This decentralized approach enables greater use of the system, increased maintenance efficiency, and faster response times, during a product recall.
With the blockchain implementation, the benefits to the food and beverages industry include reduced food fraud and food waste, better information for consumers, increased food security, increased profitability among food suppliers, and reduced costs for consumers. There are other advantages, such as farmers and processors being able to have real-time access to commodity prices and market data, enabling them to make decisions and transactions faster and smarter, leading to improved competitiveness and profits.
Food and beverages companies operate at a time of enormous challenges and opportunities. Supply chain strategies and blockchain technology will ultimately have a dramatic impact on the food and beverages industry.