Blockchain has been a buzz word for the past few years and its application has been evolving. It has moved from circling around cryptocurrency to bigger purposes, with more and more industries leveraging blockchain. However, its application in the food and agriculture supply chain is lauded to be revolutionary.
We make food choices every single day, yet we know very little about the products we buy over the counter. Each and every product goes through a journey before reaching us, the end consumer. A network of growers, brokers, manufacturers, bulk handlers, importers, exporters, and logistics providers participate in the supply chain of the food product finally reaching the consumer.
Here’s how blockchain, in combination with other technologies, is aiding in building a smarter, safer, and more sustainable supply chain:
Safe & Secure
Blockchain records every transaction or activity happening across the most complex supply chains. This helps buyers trace back their food supplies and understand the process and composition. It also helps retailers identify contaminated food products and avoid the further distribution of the unfit batch. Every product can be traced back right to its origin while identifying faulty practices in the system. Blockchain not only significantly reduces the time to identify these batches but also helps prevent illness due to consumption by helping retailers withdraw it from the counters.
Data management has plagued big businesses and complex supply chain ecosystems. Blockchain promotes sustainability in the food supply chain in more than one way. Not only will blockchain enable access to a large amount of data through complete digitisation of the supply chain and all its involving participants, activities and workflow thereby leading to a sustainable method of data management, but also streamlining supply chains to improve the integrity of the system.
Blockchain can help identify incompetencies that affect the final product, which can then lead to minimising food wastage, ensuring quality and quantity, and benefitting all stakeholders involved, making the entire supply chain more reliable and sustainable.
Imparting supply chains with a trustworthy factor, blockchain ensures that the food supply chain, as well as all its stakeholders, are making smart decisions at all times.
Smart contracts and streamlined payments are important aspects of the blockchain led supply chain. This trickle-down effect empowers all participants in the supply chain by eliminating any payment gaps and empowering them to deliver their best. Blockchain has led to smart optimisation of the supply chain through real-time tracking, absolute transparency, proof and transfer of ownership, and immutability.
AgriChain enables you to build a safer and smarter supply chain for your business. The simple-to-use software connects all the participants of the agriculture supply chain to increase end-to-end visibility and accountability. Scalable and sustainable, AgriChain’s software solution can enable your business to contribute to the transparency and trust in the new wave of technology led supply chains.