Blockchain for the Food, How Industry Makes Use of the Technology

 

By Stephen O'Neal, Cointelegraph

July 7, 2019

 

As blockchain continues to push for mass adoption, the food and beverage industry is shaping up to be one of the most inclusive destinations for the technology: Just over the past few months, a variety of players — including juggernauts like Nestlé, Carrefour and Starbucks — have reported on their latest blockchain-powered initiatives within the field.

 

Indeed, in 2019, blockchain has been piercing the food industry at an accelerated pace. According to recent research, 20% of the top-10 global grocers will use blockchain by 2025. So, what makes the technology so appealing for the food industry participants, and are there any obstacles that can be a hurdle to potential adoption?

 

Empowering customers with more data and tracking food illness

 

There are at least two essential problems in the food industry that blockchain has been presumed to solve. First, the trust issue: According to a 2018 study released by the United States-based Food Marketing Institute (FMI), the public demand for transparency is growing within the market. Essentially, customers are becoming more health-conscious and want to know as much as possible about the food they get.

 

Specifically, the report found that as much as 75% of consumers are more likely to switch to a brand that provides more in-depth product information — beyond what’s provided on the physical label. When shoppers were asked the same question in 2016 in a similar study conducted by Label Insight, just 39% declared they would switch brands. Blockchain, being an easily accessible, immutable distributed ledger by design, seems to be the go-to solution for that case, as it can provide consumers with concrete, immutable data about their food. Matron Ven, the chief marketing officer at blockchain-powered farm-to-table food traceability solution company Te-Food, told Cointelegraph ...

 

IBM’s blockchain solution continues to dominate the field ...

 

New blockchain-based food traceability tools continue to emerge ...

 

Alcohol and coffee: Blockchain is being applied to more niches ...

 

China’s food industry has now co-signed the technology ...

 

Other solutions focus on food safety ...

 

Potential hurdles on the way: data-related issues and interoperability problems ...

 

more, including links

https://cointelegraph.com/news/blockchain-for-the-food-how-industry-makes-use-of-the-technology