The blockchain technology is the hot trend of the 21st century. It is a system which gives the permission to share information but not to make a replica of them. It is sort of a ‘digital currency‘.
Now, it has a great effect on the food industry. The food industry is a business that delivers all sort of food consumed by the people. These two, blockchain technology and the food industry are closely interrelated.
First, let’s start with the ‘blockchain technology’. What is it?
Blockchain technology creates the main support for the digital currency. It refers to the ‘digital cash’ process. It depends on two important elements.
- One is ‘cryptocurrency’ and
- the other one is ‘bitcoin’.
Nowadays these two concepts are very prominent. Cryptocurrency proves to be a ‘biggest economic revolution’ in the 21st century. And Bitcoin took the blockchain technology on another level up. It knows as ‘digital gold’ too. So, in short, we can say that Blockchain technology is the network through which we share and store data for conducting successful virtual transactions.
Now, it shares a remarkable effect on the Food industry. With the help of Blockchain technology, we can keep our food safe and ‘verification of agricultural food’ also can be done with the help of this. Blockchain enables the user to know about all the transactions. This article is going to reveal how Blockchain technology transforms the food industry.
In keeping the food safe, blockchain has a great contribution. It makes the transactions more translucent. It smoothens the supply chain too. This technology enhances the entire process of ‘food safety’ to be more efficient and responsible. Big companies like- Unilever and Nestle are also supporting the Blockchain technology and wants to facilitate in their company too.
In addition, Walmart, the food dealer of U.S, successfully built two ‘Blockchain pilot project’. Now, with the help of Blockchain, Walmart able to send any kind of information to the customers within a few seconds. It helps to reduce contamination and specific diseases too which are caused by food. Blockchain also aids to find out specific goods which are lost. It means, if any infectious product or food is out for delivery, this technology would help you to trace that immediately. In this way, this network helps to secure good food and also helps to stop food waste.
Yes! it’s true. Blockchain cooperates to stop the corruption of the food industry too. It operates its whole process very secretly. It maintains complete anonymity. So, naturally, the mistakes become visible for this technology. And the hoax can be identified too. For example, recent ‘food scandal’ of Canada also revealed by Blockchain only. Here, all the records of data stay safe year of years. It is a permanent locker for the records.
Still, it has some limitations too. To conduct this technology we need accurate data. There should be no chance of error.
Easy Way of Payment
Blockchain provides us more transparent payment service. It is very quick and easy to pay. It is now more comfortable for the farmers to sell the products. Due to this technology, the data transaction is more secure and authenticated across any platform known.
Blockchain technology actually refers to an authoritative system. Poor farmers who are a constraint to depend on ‘marketing boards’ to trade their products. Blockchain impedes price persuasion and helps to maintain a transparent payment.
Limitations – Blockchain Transform the Food Industry
Everything can be criticised. Everything has limitations. The blockchain technology also has some review. Though this provides some easy solutions at a lower price. This technology offers it to both “small to medium enterprises” (SMEs) and large organizations. Still, there are some drawbacks to the blockchain.
There is a lack of confidentiality. All the information that is used by a company is accessible. Sometimes, secrecy is important for all these files. So, here is the problem. This technology should know, how the confidentiality and transparency should be balanced.
Another sector is the agricultural field. We are unaware of many things about this field. This is the core prospect of the food industry. Now, if this sector does not give permission to enter ‘Blockchain’, it would be an actual problem for the food industry.
In many cases, ‘Blockchain’ is treated as the only solution to agri-problems. They are not ready to make it a part of their daily life. In addition, we can say, that there are many companies who have more power than others. Like-Walmart.
Limited Participation in Market
Though Blockchain has so many achievements, still it is in its preliminary stage. Many people just don’t aware of the ‘Blockchain’ also. They are not sure about its ability too. The architectures and inventors are always in try to make it better.
If we talk about the food, then here also creativity is good, but it has to be real. Similarly, blockchain is. Maybe it is unmanageable for many people but if they learned how to use it, it will be good for them as well as for the market. Actually, the market is now quite confused with the bitcoin concept. So, as with ‘cryptocurrency’.We all know it allows economic transactions, but if people do not use blockchain only, what will they do with cryptocurrency?
Here, the main issue arises. The major challenge for blockchain is people less participate in it. People should accept this and also should use it. Neither this technology will make no sense. To make it successful, every company and organization should integrate with this technology.
In the agricultural field also we can implement blockchain technology. The leaders should advertise more of this technology. So, that it increases the scope for the future. Moreover, we can add this with ‘digitalization’ process too. This will transform the food industry entirely. So, as a conclusion, we can say, apart from all these critical part blockchains has the ability to change the food industry rapidly.