Blockchain technology and the Internet of Things (IoT) can solve some of the food industry’s most pressing challenges and save it $100 billion a year, according to a recent report by Cointelegraph Consulting and VeChain, which also forecasts that $300 billion worth of food items will be traced along the supply chain annually within seven years.
Tracing items along the food supply chain using blockchain is one of the better explored use cases for the technology, with IBM leading the way as a service provider, and many global industry leaders like Walmart, Carrefour, and California Giant Berry Farms, joining the party.
Blockchain and IoT are often used in tandem as additional benefits may be achieved by connecting the two. IoT sensors — for example temperature sensors for frozen items — can send accurate information about food items to the blockchain network, providing stakeholders with a snapshot of the entire supply chain.
This data can be used to assure a food’s genuineness, freshness and overall quality. The report contends that this combination of technologies can help the industry save billions of dollars.
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