Blockchain in food supply chain helps to improve food safety by making the operations more traceable, transparent, immutable, auditable, and decentralized. Blockchain is a distributed and decentralized database that records data in a business network. It is a public digital ledger that stores the same data across various systems and enables all users to access them. Every industry starts to incorporate the emerging technology of blockchain into their business for its exceptional potential, the food industry is no different. Blockchain in supply chain is already used by major food companies to combat various challenges faced in the food supply chain. Tracefood is an advanced blockchain technology platform for the food supply chain which aims to record data across all supply chain operations. Food supply chain management in Blockchain offers various advantages that include,

·         Deters Food Fraud

·         Improves Food Traceability

·         Provides Transparency in all Supply Chain activities

·         Enhances Food Safety

·         Protects Sensitive Supply Chain Data

·         Eliminates Safety Risks

·         Gains Brand Trust

·         Minimizes Food Wastages

What is Food Supply Chain?

·         A food supply chain is a process that refers to the various stages the food products go through from the producer to the consumer

·         The food supply chain encompasses different processes that include,

o   Production

o   Storage

o   Processing

o   Packaging

o   Distribution

o   Retailing

o   Consumption

o   Disposal

·         It also involves the management and documentation of all these activities from raw food materials to ready-to-eat food

·         The food supply chain comprises many participants that include growers, manufacturers, distributors, and retailers before the food products are finally delivered to the final consumer

Global Market Forecasts of Blockchain in Food Supply Chain Management

Blockchain in supply chain is revolutionizing the food industry by offering a range of transparency. Tracefood is already started to explore the market by providing certain potential applications in food supply chain management in blockchain. As per the stats provided by Research and Markets, the global market size of blockchain in the agriculture and food supply chain is around USD 133 million in 2020 and is estimated to reach over USD 948 million by 2025. There will be hasty growth in CAGR of 48.1% during the forecast period. The food supply chain management in blockchain has numerous key applications that include food traceability, visibility, smart contract, governance, and financial resolution. The market value of blockchain in supply chain across the food industry is expected to grow more for its significant benefit of transparency in supply chain operations and also with an increase in the demand.

Benefits of Blockchain in Food supply chain

There are various benefits offered by blockchain in food supply chain operations. Traditional food supply chain management has more complexity as the participants in the supply chain are not familiar with each other, resulting in no mutual trust. The blockchain helps to store and display various data of transactions and transit of food items publicly and also has the potential to track ownership records. Here are some of the key benefits of blockchain in food supply chain,

Traceability

Food traceability is one of the most important benefits offered by blockchain. Food Traceability helps to enhance the food safety with innovative blockchain applications. There are chances to make mistakes in supply chain operations that could affect the health and well-being of humans as the food items are perishable. Blockchain supply chain helps to track the source of contamination in the food items and also to identify solutions by finding the root causes of problems. Blockchain in supply chain management helps to track all the stages in the supply chain that food items passes through to maintain food safety.

Transparency

Blockchain in supply chain helps to get detailed information about food products in transit from the source to the destination. Tracefood facilitates food companies and consumers to find out where the food items are produced, how they are manufactured, and the various phases the items went through, just by scanning the QR codes on the packages. Then, the blockchain records all the collected data in the public ledgers. This information helps consumers to analyze the quality of the food product and also supports them to make informed purchasing decisions.

Quality Control

Blockchain in food supply chain management helps to record and monitor data on the food product quality control procedures across various stages in the supply chain. It helps to track all the activities that take place from food production, processing, manufacturing, and distribution. It helps the consumers and other participants to ensure the quality of the food product is in accordance with the standards and guidelines. Using blockchain related platforms like Tracefood helps to monitor data like ingredients added to the food item, manufacturing practices, storage conditions, and transportation circumstances to identify potential contamination.

Fraud Prevention

The food supply chain management in blockchain has the ability to verify the transfer of ownership of food products through standard licensing procedures. One of the key benefits of using blockchain technology in supply chain management is it offers automated smart contract payments for the accurate licensing of services and products. It helps to trace and store data from the origin of food products till the end product reaches the consumer to find out authenticity and eliminate fraud. It offers exact information to all the users and enables them to find the source of the problem or fraud.

Tracefood will revolutionize the food supply chain

Blockchain in supply chain management helps to increase food safety and enhance supply chain efficiencies. The tracefood platform helps you to track the product from its origin to the place where it currently sits. The transactions that take place whenever the food product changes hands from the source to the destination are securely documented in the blockchain. Tracefood helps to improve the trust and credibility of your food business by providing solutions to serve the customers better. Tracefood helps businesses and consumers to trace the food product in all the stages like the place it comes from, where it is stored, all hands it’s exchanged, and the exact picture of what’s happening in the different stages of the supply chain process. Tracefood application has immense potential to revamp the food supply chain.