Blockchain in Food Supply Chain

Blockchain Technology Solutions for Securing the Food Supply Chain

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Blockchain in Food Supply Chain

Blockchain in Food Supply Chain

The food supply chain can be considered to be one of the most complex and fragmented supply chains. Some of the key problems plaguing the food supply industry include ever-evolving consumer needs, lack of trust, and communication between the participants and sadly, intentional fraudulent activities. All these create a certain level of risk and uncertainty, which needs to be further mitigated for ensuring food authenticity and safety. This calls for a robust technology infrastructure that can do away with the inefficiencies of the current legacy system while establishing trust and transparency necessary for curbing fraud, counterfeiting, and reduce costs incurred as a result of costly food recalls.

The solution is Blockchain, through which we can create a shared ledger technology that can potentially resolve most of the problems associated with food transparency and control. Blockchain in food supply chain tracking ensures that there is improved traceability for companies to rapidly track any unsafe products back to the source, so as to prevent any illness that may occur from the said product. Blockchain in food supply chain also enables the source to recall any deficit products – if delivered – since, of course, it allows the source to keep track of where the product is distributed. That’s not all, however, as it also allows food companies to trace even the original source of the product, which would, of course, be from a farm. Therefore, Blockchain comes across as the best solution for food tracking and agriculture supply chains. It is also one of the most promising advancements to ensure that there’s no fraud involved in the food supply chain at all.

How Can Blockchain Help?

A Blockchain-powered system could bring in the much-required trust and transparency that has eluded the food industry till now.

Improved Traceability: Increased traceability and transparency are a great challenge facing the food industry. This calls the need for having in place a sophisticated traceability system that can detect food contamination caused as a result of fraudulent activities. By introducing Blockchain in food supply chain, food companies can improve traceability of food product right from the farm till the table. An iOT powered Blockchain system gathers and records data pertaining to a product’s journey right from their point of origin till the end-consumers. Since, data once written on Blockchain is immutable, participant of the supply chain will have equal and easy access to validated information regarding the provenance and state of food.

Securing the Entire Transaction Process: Blockchain deals with the fragmented food supply chain by securing the entire process of food transportation in a way that every participant remains accountable for their responsibilities (as per the agreement) throughout the supply chain. By holding individual accountabilities, processes could be secured, which in turn will pave way for the rise of IoT (Internet of Things). This would largely help streamline the food supply chain as the increasing amount of data could be gathered and recorded by the IoT powered Blockchain system for identifying risks and vulnerabilities. In short, for food tracking and food safety, Blockchain is the best solution.

Better Supplier Relationship through KYS (Know Your Supplier): Stakeholders within the food supply chain can onboard, as well as manage supplier relationships by establishing an industry-wide platform. Furthermore, quality of food products could be reviewed across the entire chain. However, users within the food supply chain ecosystem would require a digital identity to participate or have ready access to data. The smart-contract functionality along with the distributed feature of Blockchain can be utilized to store and manage data related with supplier onboarding and maintenance of relationship. This would provide stakeholders with benefits such as onboarding simplification, shared access to information and reporting capabilities.

Stringent Regulations: The food sector is a highly regulated industry with food agencies facing increased regulatory pressure from governing bodies. These standards are introduced with the intention of enforcing protocols pertaining to food safety and waste disposal while providing better visibility of food management activities across the product life cycle. Blockchain – a shared ledger technology provides the traceability needed for providing higher levels of assurance concerning the food product chain.

Why Sofocle?

As one of the early adopters of Blockchain, Sofocle intends to introduce innovation in everything they do. Offering robust Blockchain solutions to businesses across different industry verticals, Sofocle has managed to carve a niche for itself in the Blockchain space. For the food industry, Sofocle offers its’ market leading product sofoChain that can aptly address the pain points of food supply chain. Right from using Blockchain for food traceability, tracking and food safety to ensuring compliance with stringent regulatory guidelines, sofoChain addresses almost all the issues.

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