Blockchain: The Future of the Food Industry? 

IoT and Blockchain have been revolutionising  the food and beverage (F&B) industry. Food processors, suppliers and retailers are working together with the help of these technologies to increase productivity, provide unabridged transparency and minimise food waste in the supply chain. 

However, despite the advantages that they bring, these technologies are still in their infancy, which brings about various risks and limitations. As part of the Future Food conference happening on 15 November 2018 in collaboration with BSI, industry experts have been invited to discuss the potential and pitfalls of such technologies, namely IoT and Blockchain.  

More stakeholders in the food chain are understanding the impact that technology brings to the F&B industry. Blockchain, in particular, is gaining traction with its various principles like the trace-and-track system and the irreversibility of records. The following article from Food Navigator-Asia discusses the potential that Blockchain brings to the table and how it is being incorporated into the F&B industry.  

 

From 7 days to 2 seconds: Blockchain can help speed trace-back, improve food safety & reduce waste
Once the “biggest skeptic” of how blockchain technology could benefit the food and beverage industry, Frank Yiannas, the VP of food safety for Walmart, says he experienced a near “religious conversion” after working with IBM to digitize the food supply chain. 

He explained to attendees at the Food & Nutrition Conference & Expo in Washington, DC, late last month that while industry often describes the process of moving food from the farm to the table as the “food chain” it is not actually linear. 

Rather, he explained, they are chaotic and decentralized with producers regularly switching suppliers, and intermediaries, such as processors, constantly changing – making it difficult for one central player – such as Walmart – to digitally untangle and keep track of all the relationships in real time. 

Read the full article at Food Navigator-Asia’s site here




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