Blockchain aims to reduce food fraud, including mislabelled, diluted or substituted foodstuffs
Juniper Research says that blockchain will enable $31 billion in food fraud savings globally by 2024. It means that immutable tracking of food across the supply chain will facilitate substantial savings in food fraud by 2021.
The new research reveals that blockchain and IoT sensors & trackers will reduce retailers’ costs by streamlining supply chains. The study found that leading players in the food provenance space are leveraging their robust blockchain and IoT solutions, including IBM’s Food Trust and Watson platforms, SAP’s Track and Trace and Leonardo platforms, as well as Oracle’s Track and Trace.
According to the study, blockchain and IoT can revolutionize the food industry. IoT can link the physical and digital worlds primarily via location tracking sensors, temperature, and humidity monitoring. At the same time, blockchain provides an immutable platform where this data can be stored and accessed by every player in the process.