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Food and Beverages | Tuesday, March 26, 2019
The food and products we consume in today’s world come from multiple locations and are transported through complex supply chain systems that require significant coordination and efficiency. Even with the availability of advanced tracking methods, however, there are still many cases where illegal, environmentally harmful or unethical products make their way across the borders of countries and into the hands of unsuspecting consumers.
In partnership with BCG Digital Ventures, the WWF (World Wildlife Fund) has developed a new blockchain platform called OpenSC. OpenSC is a global crypto platform serving in Australia. This platform allows customers to scan QR codes directly from their smartphone camera. Together with the supply chain, they can check the origin, timing, and process of the product after its journey.
The WWF is the owner of this firm and the investment company behind this project is BCG Digital Ventures. This platform uses blockchain technology to record details of the product's storage movement. Furthermore, blockchain technology uses a record database distributed over a network. This network is constantly monitoring record information to ensure that any changes can be visible throughout the network.
OpenSC emerged using blockchain technology that helps to track tuna from the Pacific Ocean. In addition, BCG Digital Ventures has focused to establish this platform. Now, however, this platform is monitoring the fish. The developers are also hoping in 2019 to add more seafood. OpenSC also discussed their potential partners on commodities, including palm oil and timber, in commercial discussions.
In addition, guests can count the entire journey with regard to their products. Despite all its benefits, there is still a way to integrate blockchain into the food industry. There is always an adaptability curve with most technologies. Most importantly, all players throughout the supply chain must remain economically viable and accessible to this technology. Nevertheless, blockchain shows a tremendous promise to improve the way the food industry does business and to improve the end product.