Blockchain technology can revolutionize the food and beverage economy by developing transparency, efficiency, and collaboration all through the food system. Implementation of Blockchain can also streamline a multitude of food and beverage supply chain processes and secure food and public health safety.
Fremont, CA: The robust features of blockchain technology offer incredible opportunities to alter the complicated food and beveragesupply chain. Enthusiasts state that the global online database betters food safety and food quantity by improving the tracing of the path of food from farm to supermarket. Blockchain allows food suppliers and mediators to submit data concerning the breeding, manufacturing, and transport of products into a ledger, which is accessible to the customers. The information fed in the ledger cannot be edited retroactively. Hence, it acts as an assurance of the reliability and quality of information.
How can Blockchain Affect the Food Prices
The incorporation of Blockchain enables new types of payment mechanics, allowing farmers to draw better prices for their produce. And the elimination of the intermediaries in the food and beverage products will lower the prices benefitting the customers as well. The suppliers can segregate their products according to quality and freshness, and charge premiums for more significant quality segments. For example, Bumble Bee Foods, a company using Blockchain to track tuna fish that is caught in Indonesia, partnered with cloud company SAP to provide detailed information about the fish.
Staying Ahead of Food-Borne Illnesses
Being a conflicted topic, some analysts argue that Blockchain could lower the prices by preempting specific problems. Advanced record keeping with the help of blockchain ledgers would ease the identification of locations of outbreaks of foodborne illness or prevent mislabeling of allergens.
Pork and beef supply chains can be one of the first to benefit from the use of Blockchain, due to the cost of disease outbreaks in those types of meat. Hence, there is a considerable possibility of the prices to come down because of the cost-saving associated with the introduction of Blockchain.