How will Blockchain Change the Food Industry
The inception of 2019 fuelled a domino of credential leaks across the entire industrial ecosystem, potentially exposing 1.9 billion confidential records. Furthermore, the statistics of vulnerability reached to an alarming level, exposing the technologically advanced, yet endangered security systems. Resulting in the sensitivity of conventional firewalls, the innovations of blockchain technology was highly necessary for upcoming times.
Presently, encrypted ledger technology has pierced the functionalities of food enterprises. Just over the past few months, industry heads like Nestlé, Carrefour, and Starbucks have started to engage in blockchain-powered initiatives to safeguard the interior of the company. Furthermore, the experts and professionals believe that within six years, the undertaking of blockchain technology is set to elevate by 20 percent globally.
For several years, with the direct proportionality between quality and hearty, the food industry has gained the center of attraction trademark. Furthermore, as the public demand for transparency increases within the market, the addition of blockchain technology regain the deteriorating valor of the various food companies.
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Easy accessibility of immutable distribution ledger technology makes blockchain a perfect fit for indebt information provider of edible products. Additionally, the concrete, elaborate, and substantial data about the food makes the product even more appealing for a comparative ecosystem.
On the industrial standpoint, the application of traceability helps investigators and managers to create a digital footprint of the entire process, which further helps them to monitor and plans out protocols accordingly. The panoramic overview form secured networks enable the manufacturers to detect foodborne illnesses and restrict any additional complexities in the supply chain. Furthermore, the attributed characteristic of the blockchain technology eliminates the probability of distribution of the corrupt harvest.
In addition to the elevated security from various unauthorized entries, the blockchain technology gives access to meticulous information as well as sorts the manufacturers, stakeholders, and farmers based on the types of edible products. Moreover, tech companies are developing various platforms to manipulate the advantages of blockchain technology for an efficient future.
Mega Trends to Shape the Food Sector
The food industry continues to grow as reports by the Food Standards Agency (FSA) show that the number of businesses in the sector has increased by 6.7 percent between 2010–11 and 2014–15. The reality that consumers are dining out more often has led experts to suggest that the food service sector will be worth £56.3 billion by 2019. As the food sector is on its rise, the FSA has taken preventive measures to change how it monitors food businesses by 2020, particularly when it comes to packaging and safety. Concerns revolving the existing system of local authority examination and enforcement have led administrators to think of new ways of working in an era of higher caseloads and reduced budgets.
The four top-line trends identified are:
1. Consumers Demanding Better Food Safety:
Following high profile incidents, more engaged and knowledgeable consumers are demanding higher standards in food safety management. The reputational damage by food safety failures is greater than ever, with the FSA introducing new sentencing guidelines. Proactive businesses should implement better food safety measures and use high standards to tackle the situation.
2. Dining Trends Are Changing:
More and more people are eating out, which brings challenges to restaurants to serve more customers and on suppliers to deliver fresh ingredients year-round. Consumer preferences are constantly changing, as a result, keeping up with changing customer needs is essential to build a successful business. The maintenance of food safety standards while keeping up with the demands is also crucial.
3. Traceability Is the Key to Experience:
Scandalous issues around fraud in the food supply chain have increased the concerns for traceability in it. Customers are also increasingly looking for healthy, high quality, and locally sourced ingredients. Together, all the concerns are driving a need for greater reviewing of supply chains to ensure that food is monitored from field to fork.
Source Link: Mega Trends to Shape the Food Sector
