Blockchain Transforming the Food and Beverage Industry: How?

Blockchain technology can transform the food and beverage economy by developing transparency, efficiency, and collaboration all over the food system. Execution of Blockchain can also streamline a multitude of food and beverage supply chain processes and certain food and public health safety.

The robust features of blockchain technology provide incredible opportunities to alter the complicated food and beverage supply chain. Enthusiasts declare that the global online database betters food safety and quantity by enhancing the tracing of the food-path from farm to supermarket.

Blockchain permits food suppliers and mediators to submit data concerning the breeding, manufacturing, and transport of products into a ledger accessible to the customers. Furthermore, the information fed in the catalog cannot be edited retroactively. Therefore, it acts as an assurance of the reliability and quality of information.

How can Blockchain Affect Food Prices?

The incorporation of Blockchain enables new specific payment transfer , enabling farmers to draw better prices for their produce. And the removal of the intermediaries in the food and beverage products will reduce the costs, benefitting the customers. In addition, the suppliers can segregate their products according to quality and freshness and charge premiums for more significant quality segments.

For instance, Bumble Bee Foods, a company using Blockchain to track tuna fish caught in Indonesia, partnered with cloud company SAP to provide detailed information about the fish.

Staying Ahead of Foodborne Illnesses

Being a conflicted topic, some analysts claim that Blockchain could reduce the prices by preempting specific problems. For example, advanced record keeping with the aid of blockchain ledgers would ease the detection of locations of outbreaks of foodborne illness or avoid mislabeling of allergens.

Supply chains of Pork and beef can be one of the first to gain from Blockchain because of the cost of disease outbreaks in those types of meat. Thus, there is a big chance of the prices coming down because of the cost-saving associated with the introduction of Blockchain.