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Food and Beverages | Wednesday, January 06, 2021
A potential benefit of blockchain technology in poultry will be faster payments between businesses and less time-consuming verification.
FREMONT, CA: The poultry sector has seen an immense increase since the last decade. While the profits for producers and suppliers have risen, the industry has not achieved its full potential. People are now conscious and worried about food's effect on their plates on the atmosphere and the ecosystem. They want to understand where the food comes from and how it is prepared before it is served. The poultry sector's current supply chain needs a technical change, as other sectors, such as banking and automation, have gone through to meet consumer demands. Such a transformation is possible with the technology of Blockchain.
Here is how blockchain will benefit the poultry sector.
It is not easy to keep track of, for instance, a dozen eggs processed into powder before they end up as baked goods. It is like the task of tracing a chicken dinner back to the parent inventory, from which it is not difficult, but not easy. This aspect is where blockchain technology will continue to make a difference in the years ahead. Furthermore, the feature offers a global overview of all transactions in the supply chain and a public ledger. The report ensures that the data is assured of accuracy and credibility. Blockchain links farm data to the processing facility and also to the customer.
2. Smart payments and quicker funding
A potential benefit of blockchain technology in poultry will be faster payments between businesses and less time-consuming verification. Transaction costs can be drastically reduced, which means that blockchain would be a significant disruptive factor for food supply chains. For example, the need to validate documents, certificates, counterparts disappear manually because blockchain information is safe and sufficient to initiate payment.
3. Big Names Joining the Industry
When examining the potential for blockchain technology, it is worth talking about some firms. One technology giant announced last year that it was working with ten food companies to find ways in which the blockchain could boost food health. The consortium reports that more than 420,000 people die each year from food contaminated with bacteria, chemicals, and toxin viruses. The primary priority of the organization is to improve product traceability across the supply chain.
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