The WHO recently shared that one in ten people fall sick due to food contamination every year. In America alone around 48n million Americans fall sick due to contaminated food. The necessity for making the supply chain information of food supply more trustable is becoming a growing concern for industries.
Modern supply chains are very refined and even though they have become very competitive, the risks involved is very high due to its interconnected network. The food supply chain has the following dares:
- Lack of risk management techniques of food supply chain
- Margin deterioration and rapid demands
- Lack of proper visibility of end-end-end channels
- Outdated technologies
- Extended value chain impacts
The experts in the field are opining that the combined performance of blockchain and IoT in the food supply chain can make a positive impact on the above mentioned risks. These technologies can work together to:
1. Provide continuity in information flow in the system and avoid disruptions that might occur in code of violations
2. Detect fraud intervention
3. Access every information and data flow in the system
Experts say that Blockchain and IoT can together save more than US$ 31 billion in the next five years by skirmishing food fraud. If the food supply chain can be incorporated with more and better sensors, there will be even more advantages like reducing food wastage and increasing the total amount of food being accessible from the store racks.