A safe food supply is critical for everyone. Developed economies spend significant resources ensuring their food supply is safe, through regulation, enforcement, and other means. However, no single entity has full control over supply, as any frontline food retailer sources from numerous suppliers from all over the world. As the world’s food supply has globalized, complexity has only increased for developed and underdeveloped economies alike. The World Health Organization estimates 1 in 10 people falls ill each year due to foodborne disease.
The cost of error can be catastrophic to a businesses, both in terms of revenue and reputation. However, how can anyone be sure of the source and secure supply chain of their food supply? Enter blockchain.
Provenance raised USD 800,000 last week to target this specific niche. In addition, IBMand others have been researching how to employ blockchain to make the world’s food supply safer at less cost. Read More >>
BLOCKINTEL’S TAKE
There is a long tail of arenas where blockchain can be applied to reduce costs. The world’s food supply is one arena where blockchain can also help make a positive difference. By reducing the costs associated with participating in the global food ecosystem, blockchain not only makes the food supply safer, but it levels the playing field for smaller, emergent participants in less developed areas of the world. This is good for everyone, as food is safer, less expensive, and (hopefully) fresher and tastier too!