The food industry could save $ 31 billion through the Blockchain

2 December 2019 by Océane

The food industry will appear in a new light by 2024 through the use of technology Blockchain in the fight against food fraud. The industry would save nearly $ 31 billion at the end of this reform.

Save money by eliminating the third-party interveners and the paper documents

Juniper Research has conducted a study revealing an enormous reduction of the costs of the shopkeepers in the food sector if the supply chains were managed rationally, particularly in the vigilance vis-à-vis regulations against the prevention of fraud.
The solution is to integrate technology into the Blockchain and the Internet of things (IoT) in the existing system.
With the increasing adoption of the technology of the big registry distributed and the IoT in the food industry, the gains are estimated at nearly $ 31 billion due to the reversal of fraud in the space of 5 years.
Dr. Morgane Kimmich, author of the research, explained :

“Today, the transparency and the efficiency of the food supply chain are limited by opaque data that require each company to rely on intermediaries and other paper documents. The Blockchain and IoT provide a platform immutable and shared, allowing all actors of the supply chain to track and trace assets, saving time and resources, and reduce fraud “.

In addition, the Blockchain reduces costs and risks while increasing the transparency of the supply chain, which streamlines the process in general. The compliance costs could be reduced by 30 % by 2024.

A growing use in the food industry

Nestlé, Carrefour, and many other food companies are convinced of the changes made by the Blockchain and IoT in their sector and have not hesitated to invest there.
Food Trust IBM is already using the protocol Blockchain of Hyperledger Fabric for the monitoring of supply chains since October 2018.
The bc salmon farming company Cermaq and the supplier of smoked salmon Labeyrie have recently integrated the Blockchain IBM cloud in their operational process to authenticate the quality of their product in the long process of production to the rays marketing.
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Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.