Blockchain and transparency in food industry
Blockchain technology is establishing new forms of trust across the food industry supply chain while promising better quality food for end consumers through radical transparency.
Article by Deloitte discusses how blockchain technology can drive growth in Food Industry
“While supplier and customer collaboration, such as joint business planning, are not new concepts in the grocery industry, more granular information sharing, progress tracking, and benefit measurement have proved challenging for partners. With blockchain food technology, concepts such as freshness-based contracts, rather than quantity-based contracts, have the potential to overcome those challenges. More trusted information helps align value chain compensation on attributes that are most relevant to consumers. This approach allows partners to share freshness KPIs, from Internet of Things sensors, and develop new grading and pricing guidelines, prior to transactions occurring. This creates win-win solutions for the entire blockchain food value chain, as buyers can now source and pay based on quality.”