Supply chains are a promising field for the
application of blockchain techniques. The neutral ground from the blockchain
can help to integrate participants into a supply chain. The audit trail and
integrity within the supply chain improve transparency and confidence in the
Blockchain technology in the food supply chain is
the highest potential of Australian meat products. Across the industry, meat's
origin has become crucial in ensuring food quality, safety and determines how
the products are produced. The direct implication of the food supply chain management is overload with communication and inventory.
How can blockchain
technology be applied to restructure food supply chain management?
With blockchain technology, the supply chain can
improve its operational capacity and efficiency of the food supply chain.
Here's how blockchain technology is applied to restructure the food supply
The transparency of the blockchain helps to perform
careful documentation throughout the journey. It starts from the point the
products get supplied to all its suppliers. It increases trust among the
different parties within the supply chain as all the data are visible to everyone.
The blockchain attributes value to the market and
accomplishes a log within the networks. It replaces the traditional mechanism
of the price under the control of the stakeholders with logistics and
analytics-based value. Moreover, it equips with transparency in the supply
chain as transactions are verified and shared with the participants.
Immutability means the blockchain has all the
records that are correct and corruption-free. The security from its innate
cryptography eliminates unnecessary audits. Thus, it saves both time and money.
Traceability is at the centre of food supply
management. The fast-tracking and evaluation of the product's age and quality
acts as a trigger to the supply chain for unsafe products. It saves both
transport cost and the cost of that product.
Blockchain helps to detect disruptions when they
occur and take immediate measures. Such is the power of a blockchain that all
stakeholders can create along the food chain. They also share data in a secure
way that increases your accountability.
- Waste reduction and food safety
The food supply chain helps deliver food safely to
their customers in the food industry. For this, the machine learning tools and
blockchain can take care of that effectively. The goods can be tracked through
sensors. This helps in detecting the quality and the durability of the products
throughout the supply chain.
A collaborative food supply chain powered with
blockchain facilitates complete accountability with digitization and stores
transaction documents that are permanent and transparent. It, therefore,
removes possibilities of fraud in the food chain.