Blockchain can assist in Food Fraud Tracking
It is estimated that the adulteration of food and beverages costs the food industry tens of billions of dollars every year. Approximately 10% of food may be affected by fraud, a number that is expected to grow. With increasingly complex supply chains, food production has become nearly untraceable. Blockchain can greatly enhance traceability of food ingredients at every level of the supply chain. The steps along the supply chain can be made transparent, and retroactive changes of data will be visible to all the participants in the supply chain. Blockchain can also offer simpler regulatory compliance for all participants, help to reduce food waste, and track origins of agricultural products. Several food producers are already experimenting with blockchain technology.
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Posted on 26 May 2021