Save 31 billion US dollars in compliance costs in 5 years, large-scale adoption of blockchain in food and beverage industry

According to Cointelegraph reported on December 1, the food industry can trace the source through the blockchain, saving up to $ 31 billion in global food fraud costs.

1600px-Tasty_Food_Abundance_in_Healthy_Europe (Image source: wikimedia )

A study released by Juniper Research on November 25 shows that the combination of blockchain technology and Internet of Things (IoT) sensors will greatly reduce retailers' costs because it simplifies the supply chain and regulatory compliance process, and further Improve the efficiency of food recalls and effectively address fraud.

Research indicates that the application of blockchain and the Internet of Things in the supply chain industry will have important value to the supply chain of food companies. By using these innovative technologies, the food industry can save up to $ 31 billion in food fraud costs in just five years.

Research author Dr. Morgane Kimmich said:

Today, food companies have to rely on middlemen and paper records because of opaque data and low transparency and efficiency in the food supply chain. Blockchain and the Internet of Things provide an immutable shared platform for all participants in the supply chain to track assets, save time and resources, and reduce fraud.

Juniper's research further shows that food fraud can be significantly reduced in 2021, and compliance costs will be reduced by 30% by 2024.

Use of blockchain technology in the food and beverage industry

The food and beverage industry is adopting blockchain and IoT technologies on a large scale. Over the past few months, many companies, including giants such as Nestle and Carrefour, have reported on their blockchain technology in this area.

The most widely used blockchain source tracing solution in the food industry is IBM's Food Trust, which is based on the Hyperledger Fabric blockchain protocol. The platform went live in October 2018, and it is reported that retailers and suppliers can trace the source of "millions of foods" by using the Food Trust blockchain.

Recently, it has been reported that salmon farming company Cermaq and smoked salmon producer Labeyrie are using IBM's cloud blockchain technology to trace their product supply chain.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

Jump Trading's Crypto Waterloo: Forced to Exit US Crypto Trading Market, Facing Terra Class Action Lawsuit

For Jump Trading, the traditional high-frequency trading giant in the encryption circle, the past year has undoubtedl...

Blockchain

A number of exchanges will openly call the FATF proposal at the G20 opening meeting

The G20 summit of the G20, which everyone is paying attention to, will be held on June 28 and 29, 2019 in Osaka, Japa...

Blockchain

Comment: The exchange is open finance

Foreword: In the current encryption world, exchanges are the biggest catchers of value. Because of the user's de...

Blockchain

Three major domestic virtual currency exchanges focus on compliance business and actively engage with local governments and state-owned enterprises

China Times (www.chinatimes.net.cn) reporter Ran Xuedong trainee reporter An Lingfei Beijing reports The currency cir...

Opinion

Unveiling the FTX Empire's 'Second-in-Command' The Glorious and Falling Journey of Chinese Genius Programmer Gary Wang

What has Gary Wang gone through, from being a close friend of SBF to becoming the COO of FTX and a key witness?

Blockchain

After FCoin's "incident", key figures from the team responded!

On the evening of February 12, an announcement on the FCoin Exchange regarding "the latest progress of system ma...