Blockchain contrivance in food supply chain
The consumers today are so concerned about getting to know more about what they eat; where the food comes from and how it is produced. However, the conventional food supply chain fails at providing such lucidity as it witnesses the participation of various players such as growers, manufacturers, distributors and retailers before the food products finally reach the end consumer. Additionally, there is a lack of trust between the stakeholders of the food supply chain as they are strangers to each other.
Blockchain being an immutable and decentralized ledger imparts seamless transparency and 100% security to the food supply chain which in turn promises food safety to the customers and builds trust between the players simultaneously.
Blockchain Solutions for food supply chain
Blockchain is a decentralized network with an immutable ledger base. It stores data in blocks making authentic record management possible. Besides, the participants are provided with complete transparency of Blockchain data.
No fraudulence activities happen in the food supply chain under the guard of blockchain. The superfluous technology fetches the proof of ownership as the food products pass through the hierarchy. In such a case, the safety and quality of the food products remain untouched..
As Blockchain is an immutable and decentralized network not manipulated by anyone in particular, every stakeholder of the food supply chain counts it as a reliable source. The commonness in dependency in turn encourages a player to trust every other player on the network at large.
Blockchain incorporation literally puts an end to the existence of unsafe food. With the elimination of fake products, the food supply chain reaches a higher stratum in terms of quality which helps to create an unparalleled market of its own.
Provenance tracking of the food products is now a cakewalk as blockchain records every minute detail right from the production phase to the delivery of the food products to the consumers. Say for instance, you can view any credential of the given food product such as where and when it is produced, the shelf life of the food product, the temperature at which it is stored and much more
Blockchain Benefits for the players
The growers of raw materials for the food products gain recognition in the commercial sphere with the implementation of blockchain in food supply chain. With good visibility, the growers have increased chances for bank loans to be sanctioned for business development.
Blockchain presents the customers with quality food products hence improving the overall quality of lives making the planet a better place to live.
The companies that process raw materials into food products reap the benefit of establishing their brands across the world with blockchain integration. A popular brand obviously attracts more customers in the long run leading to massive returns
Integration of IOT and AI in the food supply chain system
Internet of Things (IoT) and Artificial intelligence are the other leading technologies we have access to.
Blending AI and IoT with Blockchain shall fetch superfluous merits for the food supply chain industry. With IoT, the food packages shall be tagged with valid Blockchain-powered sensors that store the temperature, shelf life and other freshness metrics of the corresponding food products ensuring food safety.
The food supply chain deals with raw materials that are perishable.Implementing AI in a Blockchain network for food supply chain fetches timely insights on the market value of the stock and helps to make decisions on the maintenance of extra stock or under stock as per the requirement.