Blockchain and IoT changes the way markets work
There are a couple of technologies currently on the market dealing with traceability like the Blockchain and IoT sensors. These two technologies have the potential to support the positive transformation of food systems, according to a new research coming from the World Economic Forum(WEF).
The Food industry serves a critical role in society, but there remain a lot of inefficiencies in the supply chain together with a lack of product and supply chain visibility.
This has been causing some serious food and waste safety concerns. Food production is not very efficient, as one-third of all global food production goes to waste, leaving more than 800 million people in chronically undernourished situations.
Statistics show that the world health Organisation has estimated that there are more than 600 million people who fall ill with more than 420,000 dying from food contamination.
With an expected population growth of 10 billion by 2050, there is a lot of strain on the food industry to improve in the coming years.
In a report by Innovation with a Purpose: Improving Traceability in Food Value chains through Technology, the opportunity for traceability in order to improve information about safely, provenance, efficiency and sustainability of the food supply.
This has opened up investigations for the role of disruptive technology applications like the Blockchain, to improve the system.
Coming from the chairman of the board of Nestle in Switzerland, Paul Bulckle:
“New technologies, such as Blockchain and satellite imaging, can strengthen traceability programs and lead to better transparency and value across the supply chain.”
The technologies that will transform the global food trade
The WEF has presented 12 technologies that have the potential to enhance food production systems.
Blockchain and IoT sensors will reduce the environmental footprint of agriculture support alongside small-scale productions with support for
In the report, it was said that the scaling of the Blockchain technology
The distributed and immutable blockchain-based system can be used to efficiently track, and aggregate information while sharing supply chain data.
The IoT technology can be used for real-time supply chain transparency and traceability. These sensors can facilitate the identification and tracking of health monitoring or any conditional tracking. The sensors can be paired with other capabilities including equipment and tools, together with data integration and Artificial Intelligence (AI).
The non-invasive and non-destructive food-sensing approach that the technology provides, along with image analysis, spectroscopy and hyperspectral imaging can be used to identify information that is related to structuring a product. This will be done through uploading information to the cloud while analyzing it through machine learning and imaging processing algorithms.
According to a statement coming from David Beasley, the executive director of World Food Programme(WFP).
“To get to zero hunger, the world needs innovative tools and approaches. Blockchain technology has the potential to increase supply chain efficiency by allowing us to track in real time where food shipments are from the point of origin to the moment it is dispatched for delivery from our warehouse. Through Blockchain, The humanitarian community can share this information and, in times of emergency, the partners can call forward stocks for families in urgent need.”
The WFP has a partnership with the WEF’s Centre for the Fourth Industrial Revolution Network. This is an initiative that is focused on the co-designing and new