Using Blockchain in the food sector can save more than 31 billion dollars by 2024; according to the Juniper Research vertical report “Blockchain, Key Vertical Opportunities. Trends & Challenges”.
The study explains that using this technology together with the benefits of the IoT; will allow to reduce the costs of at least 30%; that the companies of the food sector that this face for fraud.
The idea is based on incorporating sensors and analyzing stocks and surpluses in real time; the costs of the supply chain will be reduced significantly.
According to Juniper Research, the joint implementation of Blockchain and IoT promises to revolutionize the food industry.
While the Internet of Things unites the physical world and the digital world: allowing sensors to locate any product, in addition to measuring at all times its temperature and humidity levels, for example.
For its part, Blockchain allows this information to be collected and stored; all in a place where all the actors involved in the food chain have access. All this improves decision-making, anticipates the need and replaces manual processes that require a lot of time and money.
In this way, the recommendation is to replace these processes with automatic mechanisms; that connected to the Internet, would considerably reduce costs at all stages of the production chain.
In this way, notorious benefits can be seen for the cases of farms and farmers up to the great surfaces that are in charge of marketing the products.
However, the application of Blockchain in the food sector; will not only mean a reduction in expenditure for the food sector; it also entail a reduction in the risk of investments; as well as transparency in the processes, that are developed at all stages of the production chain.