Be sure before you eat through Blockchain Technology
Feb 26, 2018 Posted / 2373 Views
Investors are worried about future of Bitcoins and other cryptocurrencies as this can be a major evolution in Financial Industry. But let's forget about the virtual tokens and focus on its underlying technology - Distributed Ledger also known as Blockchain Technology. The innovation holds a huge potential for converting ways all aspects of B2B trading including food industry as well.
As per world trade organization reports, around 10% of the global population suffers from sickness due to food-related bacteria. Intake of such infected food can be prevented with clear observations. With the emergence of Blockchain Technology, we can attain this purpose of food commerce.
When we enter in a grocery store, we are not aware of the source of the food that we end up buying. Maybe we put E.Coli contaminated lettuce in our basket as dozens of Americans did in the year 2017. Or maybe we take anti-flea insecticide fipronil eggs at our home like people of Great Britain. The better option is to ascertain the source of our grocery. But how will we do that? Through scanning QR code with our smartphones.
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TE-Solutions, as per their website, provides “traceability Solutions for Emerging Markets”. The platform provides a tracking system to all food-related industries. The technology is promoting “farm to table” agenda to eliminate the chief concern of some of the grocery shoppers and restaurant consumers. The blockchain technology plays a crucial role here to fulfill this agenda of attributable supply. Through this technology, all B2B relationships will be presented among consumers concluded by the final B2C transaction. To choose the best product for ourselves we just need a smartphone in our hand and we will be able to ascertain where the food was grown, what kind of insecticides and pesticides were used, where the food was packaed etc. The list of information is endless.
By following this process we can eradicate food-related diseases such as E.Coli from our life cycle. A platform such as TE-Solutions act as a third party that lets an enlisted producer track its food supply. If a dangerous bacteria is found by a producer in his supplied food, he can stop its distribution by few clicks and save time and many lives. Whereas the same purpose if completed in a traditional manner would have consumed a good amount of time and money.
This sort of action promises protection which should have been accomplished by now. So what is the reason that let a consumer live in such a risk? In an interview with Forbes, Reusing stated that it is all about money.
“Food production and processing… is nearly always configured to rely on cheap labor.” – Reusing
The benefits of food traceability are enjoyed by individuals in the last position of the supply chain such as the consumers and final retailers but the costs for organizing the system is borne by ones in the beginning of supply chain such as Farmers and Transporters. With the emergence of Blockchain system all the key players will be able to contribute in an equal manner and thus the process will become cost-efficient.
With the recent success of the project in Ho Chi Minh City region where the government used whole chain traceability for pig trade, it is expected that the innovation will be undertaken by other countries as well. The government can also get involved in the process once interest is generated among the population about the story behind the food that they are consuming.
The blockchain technology can be used to revolutionize trading of various industries- Food and health on top. Through transparent system, we can have a better standard of health ,eradicating food-borne diseases.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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