Blockchain Technology is Taking Over
Can you guess which industry blockchain technology might revolutionize next?
You’ve heard of blockchain technology and its potential impact on various industries from finance to real estate; whether your company is integrating digital payments or a secure exchange is needed to liquidate your cryptocurrencies. Blockchain technology is also on it’s way to revolutionizing the entire grocery industry. Yup, you read that right. Blockchain technology is about to change the way the massive food supply chain operates.
The food supply chain is one of the most complicated (yet important) industries, feeding the world and bringing in trillions of dollars in global sales per year. From farmers to warehouses; shipping companies to grocers; and everything in between – the supply chain has many moving parts. This complexity means many different tracking systems from excel spreadsheets to emails which can leave vital information lost in translation.
And when we say vital information – we mean vital. According to the CDC, 48 million Americans are affected by foodborne illness per year, 128,000 are hospitalized and 3,000 die. Not only does this affect people’s health and wellness, but it also negatively affects brands impacted by outbreaks.
blockchain technology and it’s public decentralized ledger
Using the blockchain would allow the world’s largest food supply chain companies like Walmart, Nestle, Dole, Unilever, Kroger, Tyson and more to use a unified source of data. Using blockchain development companies like No Rest Labs can track down outbreaks at a much quicker rate than the current system in place – inhibiting foodborne illness and mitigating losses for companies.
Walmart has been in the news for leading the charge in experimentation with blockchain development for the food industry. The billion dollar company has been running tests with IBM – like tracking mangos or pork back to their initial source. Before the use of blockchain technology, this exercise took them about 1 week. After using blockchain technology – it took a mere 2.2 seconds. That’s a 99% decline – a statistic this significant can have HUGE implications for food safety around the world.