New data from Juniper Research, a leading analyst firm in the mobile and digital technology sector, reveals that the global food industry could save $31 billion in “food fraud savings” by 2024 with the help of blockchain technology, CNBC reported Wednesday.
The new research termed “Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030,” which was released a few days ago disclosed that Blockchain and the Internet of Things ( IoT) sensors and trackers can help to reduce the cost incurred by retailers.
In order to accomplish this, they will have to streamline the food supply chains, offer simpler regulatory compliance, and facilitate a productive food recall process.
It is quite common today for consumers of food to know the location and the production conditions of the food they consume. However, a little bit of doubt still exists in their hearts, especially where the supply chains are concerned.
Speaking on this the research author of Juniper Research, Morgane Kimmich said, “Today, transparency and efficiency in the supply chain are limited by opaque data forcing each company to rely on intermediaries and paper-based records.”
Kimmich went on to say, “Blockchain and the IoT provide an immutable, shared platform for all actors in the supply chain to track and trace assets; saving time, resources and reducing fraud.”
Employing blockchain and IoT can reduce cost, risks, and make the supply chains transparent as well as making the entire process less cumbersome.
The IoT which connects the physical and digital worlds by means of its location tracking sensors coupled with the blockchain technology which provides a safe platform for the storage and dispensing of stored data will greatly improve the food industry.
Blockchain technology is being employed in various sectors of the economy. Its usage in the food industry can be seen in the partnership between Fujitsu, a Japanese multinational ICT company and Ricex, a Switzerland startup Rice Exchange.
As Coinfomania reported, the partnership was initiated to digitize the rice trade and provide transparency services for those involved in the trade by developing a blockchain-based rice trading platform.