Juniper Research: Blockchain and IoT Will Save the Food Industry Billions of Dollars
It has been challenging to find noteworthy sue cases for blockchain technology. A new report indicates the food industry should pay more attention to these distributed ledgers.
Most people know blockchain technology due to its use in cryptocurrencies such as Bitcoin.
The Food Industry and Blockchain
However, the same technology can be utilized in systems that do not involve financial transactions as well.
Identifying those potential applications has been an ongoing process over the years.
A new report by Juniper Research highlights how the food industry can be a major use case.
More specifically, the research claims how retailers could start driving down their overhead costs.
By streamlining supply chains and “upgrading” the food recall processes, a lot of money can be saved.
This will all need to happen in conjunction with the deployment of distributed ledgers, or blockchains.
When combining this innovative technology with the Internet of Things, significant potential can be unlocked.
One key issue the food industry still struggles with is the trust factor between themselves and consumers.
Transparency and efficiency are in high demand, yet it is virtually impossible to achieve in the food industry with the current use of intermediaries and paper records.
If the proper technologies are embraced, the food industry can save up to $31bn in the next five years.
Some companies are already exploring opportunities regarding this technology.
Most of those ventures are still in the early stages of research and development, however.
Image(s): Shutterstock.com
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JP Buntinx, Khareem Sudlow