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Blockchain To Help Food Industry Save $31 Bln By 2024

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New data from a research conducted by a U.K.-based firm revealed that the use of blockchain technology will help food industries save $31 billion globally by 2024 by immutably tracking food across the supply chain.

The new research titled "Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030" was conducted by Juniper Research.

Blockchain technology used along with IoT sensors and trackers is expected to cut retailers' costs by streamlining of supply chains, offering simpler regulatory compliance, and efficient food recall process.

The use of blockchain could also reduce food fraud, including mislabeled, diluted or substituted foodstuffs. Substantial savings in food fraud will be realized from 2021 and compliance costs will be reduced by 30 percent by 2024, the research showed.

According to the research, blockchain and the IoT can revolutionize the food industry. IoT solutions link the physical and digital worlds primarily via location tracking sensors and temperature and humidity monitoring. And blockchain provides an immutable platform where this data can be stored and accessed by every player in the process.

The research found that the IoT and blockchain will add significant value to players involved in the supply chain, from farmers to retailers and consumers.

This will help in replacing lengthy procedures with automated smart contracts, blockchain, and the IoT that will reduce cost, mitigate risk and provide transparency to supply chains.

The research author Dr Morgane Kimmich observed, "Today, transparency and efficiency in the food supply chain are limited by opaque data forcing each company to rely on intermediaries and paper-based records. 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."

According to the research data, the leading players in the food provenance space include IBM's Food Trust and Watson platforms, SAP's Track and Trace and Leonardo platforms, Oracle's Track and Trace, and Internet of Things solutions.

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