BLOCKCHAIN TECHNOLOGY IN THE FOOD INDUSTRY BENEFITS AND APPLICATIONS Blockchain technology is a revolutionary innovation that has transformed various sectors, including the Food Industry. It is a decentralized, immutable ledger that records transactions and stores data in a secure and transparent manner.
How does Blockchain work? TRANSACTIONS ARE COMPLEX
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BLOCKCHAIN MAKES IT BETTER
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Each participant has his own separate ledger - increasing the possibility of human error or fraud.
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A single shared ledger that is temper evident. Once recorded, transactions cannot be altered.
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Reliance on intermediaries for validation created inefficiencies.
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All parties must give a consensus before adding a new transaction to the network.
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It can be a paper-laden process, resulting in frequent delays and potential losses for all stakeholders.
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Eliminates or reduces paper processes, speeding up transaction times and increasing efficiencies.
GLOBAL RETAIL BRANDS / OCTOBER 2023
