Blockchain Technology To Revolutionize The Food Industry
One of the hallmarks of blockchain technology is building trust. Irrespective of the industry it is applied in, blockchain technology creates a trusted environment for transactions to occur. It increases transparency and accountability in the food supply chain making it almost impossible for food producers to mislead consumers. A blockchain-based platform can be used to create a more accurate version of typical food labels. You’ll be able to tell if a product is genetically modified or not using this tech.
The campaign on eating healthy cannot be overemphasized. Now, more than ever, people are trying to improve the quality and length of their lives by making healthy food choices and creating time to work out. Reading a label is one of the recommended ways to avoid eating genetically modified food. However, statistics have shown that about 82% of healthy eating Americans are not confident about the claims and accuracy of food labels.
While the claims aren’t always false, the food producers can substitute words to make it confusing. For example, rather than using a word like ‘genetically modified’ they can use a word like ‘bioengineered’. Both words mean the same thing but a consumer who is looking out for the word ‘genetically modified ‘GMO’ may not take note of the word ‘bioengineered’. In some cases, the word may not be spelled out completely but will be represented by an icon.
Blockchain technology is going to make the food labeling process explicit. It is quick and effective and can be accessed by anyone. Using blockchain technology, food producing brands can develop certified labels that will build trust with consumers through transparency.
Blockchain Technology Is Already Being Used In The Food Supply Chain
Carrefour, a European retail giant, is also working on a blockchain-based system for supply chain tracking. While the project is currently limited to certain products, the company has announced its plans to expand it to all its products.
Many other big time companies are exploring blockchain technology in the food industry supply chain. Creating blockchain-certified labels is a step in the right direction. It will minimize or eliminate confusion in the industry. With blockchain technology, there will be no need for multiple labels on a single product. With time, other companies will join the trend. This would boost mass adoption of blockchain technology.