Blockchain Could Save The Food Industry $31B By 2024 By Eliminating Supply Chain Related Fraud
A recent study done by Juniper Research on how blockchain and Internet of Things could transform global supply chains has shown that they can save the food industry up to $31 billion lost in fraud. Blockchain Tech has proven to be a good tracker in supply ecosystems as well as an efficient network for verification.
According to the study, combining blockchain technology with IoT trackers or sensors will not only streamline supply chains but also ease compliance processes. This will be a major boost in the fundamental value of food industries whose operations involve sourcing and distribution as well. More notably is a solution to ecosystem loopholes that make fraud rampant during the supply process.
Dr Morgane Kimmich, the author, further emphasized on Blockchain’s potential within the food industry;
“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.”
The study also revealed that implementing these technologies could yield significant results for the food industry as early as 2021. In addition, the cost of regulatory compliance is projected to have dropped by 30% before 2024.
Blockchain Tech in the Hospitality Industry
The digital ledger tech is slowly gaining fame within big industries like Tourism, Accomodation bookings and Food & Beverages. Carrefour and Nestle are among the big boys in Hospitality whom have given a report on how their initiatives built on blockchain are doing so far.
IBM’s blockchain ‘Food Trust’ built on the Hyperledger Fabric is so far the leading tech adopted by a number of stakeholders in Hospitality. The product is one year old having been launched in Q4 of 2018; reports show that millions of food products have since been tracked on the IBM Food Trust network. Given the opportunities digital ledgers provide, this trend is expected to pick up as the fourth industrial revolution (4IR) gains momentum.