Blockchain Technology: The Future of the Food and Beverage Industry
Introduction When it comes to the latest technology, even people who are normally wellinformed have been perplexed by the sudden rise in the popularity of blockchain technology. It is being touted as one of the most revolutionary technologies to ever be introduced to the financial system, but has found applications in numerous other industries that are turning more and more to this immutable ledger-based system. One such industry that might surprise many is the food and beverage supply chain industry, which is turning to blockchain more and more as margins become thinner and thinner and supply chains get more and more complex.
Applications of Blockchain Technology in the Food and Beverage Industry The way that this technology is able to be applied in the food and beverage industry makes it incredibly useful. Decisions are made on the networks by consensus. This means that unless all of the users agree to something that is happening on the network it will not happen. If security is one of your highest concerns this should be delightful for you to hear. It makes it almost impossible for your network systems to be hacked if they are running on a blockchain protocol.
Benefits of Blockchain Technology in F&B Industry In a properly operating network using this protocol, it is essentially a distributed letter. This means that everything is decentralized. In this particular industry, you can imagine how you could use this kind of technology to track each step of the supply chain from the farm all the way until the chef has it in his hands at the restaurant. Unimaginable amounts of money are lost to needless waste due to supply-chain inefficiencies. Most of this could be eliminated through clever applications of this kind of technology in the supply chain process.
How Blockchain Technology in the Restaurant Industry Benefits the Customer The benefits could even be extended to the customer in theory. Imagine if you were running an establishment that offered locally-raised livestock and produce. Customers could be certain of the authenticity and origins of your products by analyzing the protocol and looking at the transaction history among all of the members in the supply chain to trace it to its original source. This could be huge if it was advertised properly for drawing in new and conscientious customers.
Blockchain in Agriculture At the very beginning of any F&B supply chain is the agricultural industry, which, like the F&B industry, is fully embracing blockchain technology. Growers, both large and small, are able to leverage blockchain to automate much of their supply chains and ensure that fraud is not occurring. For instance, blockchain technology allows for automated payments under specifically set conditions. This means that growers can integrate this technology to assure that a specific weight of product, or even a standard of quality, must be matched in order for payment to be released. For instance, a famer purchasing feed for their livestock could leverage automated blockchain protocols and IoT technology to ensure that the feed has a certain, pre-agreed-upon percentage of corn products to other fillers. Once the sensors confirm the percentage, funds from the farmer will be released to the supplier. It will help keep a business running smoothly and transparently. Another application of blockchain can be used in times of crisis. Using blockchain technology, companies can track outbreaks of food-related illnesses to issue thorough and rapid recalls of products to protect consumers.
Best Practices for the Development and Integration of Blockchain Technology in the Food and Beverage Industry When looking to implement blockchain technology and protocols into your business, it is important to do your homework and ensure some crucial aspects before proceeding. First, while blockchain is a versatile technology, it is important to work with developers that understand your industry. There are many industry nuances that F&B/Agriculture have, and it’s important to work with a partner that understands them. Secondly, integration is key for the success of any and all software implementations. Your blockchain needs to be able to interact with not only your supply chain technology, but be scalable and compatible with other companies and industries in the chain. It is for this reason that custom software development is the ideal way to go. Custom software developers, like Chetu, have experience in the agriculture and F&B industry, and develop applications to meet your company’s specific needs. Their developers will ensure that your software is optimized to run as smoothly and efficiently as possible to ensure that your business can evolve with the changing times and benefit from advancements in blockchain technology.
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