The technological innovation that has been introduced through Blockchain in the field of agriculture and food supply chain market by application has created from for many functional spectrums like product traceability, secure payment modes, smart contracts, governance, risk, compliance etc.
Of the many technological advancements, Blockchain has a hard-hitting effect in the global market and the market size is around USD 133 million in 2020. Experts say that the market is estimated to reach USD 948 million by 2025. Food safety has rising concern globally which has become one of the major driving force for infusing blockchain in agriculture and food supply chain.
Which all areas are covered by the benefits offered by blockchain in agriculture?
- Food manufacturers can detect contamination in food products
- Food fraud in global countries
- Awareness existing among producers, manufacturers and retailers in the global platforms
What are the important advantages of using blockchain in retail and supply chain?
For one, it’s traceable from the stage of raw materials, to finished goods and to products from the point of production to the point of consumption. The political scenarios and legislation are changing in the Food Safety and Authority level.
Chances are high that more number of food and beverage industries join the Blockchain-merged track and trace ventures with respect to the high demand though online buying and selling. Consumers can ensure the safety of the products they consume with completely monitored and tracked food supply. The manufacturers also support this initiative to keep a check on what went wrong and where it went wrong through traceability offered by Blockchain.
Technology that reinstated the trust factor of customers towards food industries are always welcomed. The food data are well saved in these systems and this is the resultant they are expecting after decades long manipulation of food labels in the agriculture as well as food industry.