- The food industry could boom with Blockchain technology
- Food Industry starting to get FOMO
In keeping with our current theme, we are exploring which industries we expect to be transformed by blockchain technology in 2019. Simply put, more and more people are starting to learn about blockchain technology and it’s possibilities. Because of this, more companies are exploring how the technology can impact their services and their industry. This, comes off the back of a great deal of FOMO, given that many people believe the rise of blockchain will be on the same scale as the rise of the internet. As we know now, the companies such as Google and Amazon that managed to make the most of the internet in the early days are now some of the biggest companies in the world, therefore, nobody can really afford to miss the blockchain train if they wish to have a prosperous and technologically advanced future.
The food industry is one that really can be transformed by blockchain technology. Food is a necessity and is therefore a product that we will all, always need, therefore there is a need within the industry for it to grow and develop with new technologies too.
How can blockchain save food?
There is a problem with efficiency in the food industry. Often, food products are hard to trace from source, simply because they pass through so many gates to go from the producer, to the consumer. Using blockchain technology however can totally revamp the way this supply chain operates - in turn, improving transparency and ensuring that the producer and the consumer are kept on a level that means everyone within the supply chain is treated fairly, with integrity.
According to Tomislav Matic in The Fintech Times:
“A main perk of blockchain for businesses will be its use within the supply chain. Many column inches have been dedicated to how the technology will allow for more streamlined and efficient production processes, but the impact that it will have on the food industry is unique. Stepping away from how it will help the profit margins of a business, the benefits that it can have to human health could be great.”
“Today, few people are truly aware of the sourcing processes of their food and drink – where it was grown or created and the journey it went through to get to the aisles of your local supermarket. However, the transparency that blockchain technology offers means that this can all become visible from something as simple as scanning a barcode with your phone; all the necessary information popping up on your screen in an instant.”
As we become more tech savvy and more interested in what we consume, we want to know more about where our food comes from and how it has been handled. Blockchain technology helps satisfy this desire, and in turn also helps food suppliers to really improve the way they move food globally. The goal of the blockchain within food is to totally improve the quality of the food we all consume, and in turn, to totally improve the way food is shared around the globe.
At the moment the food industry is very un-democratic, the blockchain will eventually change that, for now then, it’s not a case of how, but more… when.