Blockchain in Food Industry

  • The blockchain makes it possible to verify the exchanges that have occurred since the food left the agribusiness complex to the supermarket shelf (what is known as “from farm to table”).
  • Date, time, place and all the data related to the same product in the different stages of its route, will be recorded unchanged by the system. It should be noted that data could be collected not only from lots and inventory management, but also GPS data for location information, temperatures, etc.
  • Through this tool companies can quickly locate in the supply chain, products affected by a possible contamination or any other incidence (for example, a break in the cold chain), allowing a specific withdrawal only of the lots involved.
  • In addition, making these are data easily accessible can improve the ability of health authorities and consumers to take action if there is a health problem related to food.
  • In the blockchain use, a company could provide all the information necessary for the crisis management or food alert, in a matter of seconds instead of days. This would translate into less sick or injured people and more confidence in the food system.
  • With the blockchain all transactions between two parties are visible to all interested parties. Without a doubt, transparency is the star benefit of this technology.
  • Unlike traditional accounting books, entries to the blockchain accounting book cannot be changed once they are sent. This makes it virtually impossible to “corrupt” the data within the supply chain and, therefore, it is much more difficult to commit fraud.
  • Companies that use blockchain technology to prove transparency in their supply chains will have a kind of “insurance policy” in case a scandal shakes the industry.

What about the mistakes?

Given the immutable nature of the data in the blockchain, people may wonder what happens if an error is made. How are the erroneous data corrected? Simple: just add the correct data and blockchain technology will allow you to see what has changed but without hiding the error.

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BlockchainX is the leading Blockchain Development Company have a team of expert Blockchain developers who all have tremendous knowledge in in Solidity.