How blockchain will help food retail to deliver minimally processed, fresher food, maximise shelf life, reduce waste and improve the nutritional density of M&S foods.
How blockchain will help food retailers to deliver minimally processed, fresher food, maximise shelf life, reduce waste and improve the nutritional density of foods.
Blockchain Distributed Ledger Technology (DLT) is now recognized as one of today’s leading technologies.
Blockchain sits at the centre of the convergence of 5G, IoT, AI/ML and cloud based supply chains.
For the fresh produce industry and food retailers in particular, blockchain technology holds vast possibilities and benefits that will improve efficiency and traceability, optimize supply chain operations, enhance quality management, increase market and business intelligence, reduce costs and food waste, identifies scope 3 carbon footprint plus significantly enhancing brand protection.
Blockchain can help digitally trace and authenticate food products from an extended ecosystem of suppliers all the way from farm to fork.
For food retailers it means fresher food, reduced food waste, faster targeted recalls, and supply chain visibility and traceability. On the customer side, it builds trust and confidence, encourages brand loyalty and provides necessary information and transparency.
Transactions recorded in the chain are verified and immutably timestamped using security by design principles. The blockchain thereby creates a unique transaction identifier which incorporates the date and the time.
Distributed ledger data storage ensures that it is impossible to modify data without the data owner being made aware of it.
Blockchain data is "trackable but not hackable", a unique type of ledger, essentially a secure database, or ledger, where copies are spread across multiple computers with everyone agreeing the latest state of all transactions and where the data owners’ control which parties have access to what data.
Blockchain is all about improving efficiency and, above all, providing network benefits for role-players in the entire extended supply chain, growers, transportation companies, retailers, regulators, manufacturers, distribution centres and customers.
The blockchain methodology can help brands track sources of contamination far more quickly, reducing the impact of compromised food. As far as product recalls are concerned, blockchain can provide end-to-end traceability of data, has the ability to verify the history of the product and provide real-time location and status.
In terms of regulatory compliance, it has the ability to upload, manage, access, edit and share compliance documentation, test results and audit certificates including Scope 3 carbon footprint data, helping retailers to reach their carbon footprint targets well ahead of the 2050 deadline.
The future value of blockchain technology lies in the analysis of data and how data will be used to the benefit of the entire supply chain – from growers to consumers.
The key benefits are fresher food, reduced food waste, faster targeted recalls, and supply chain visibility and traceability.
On the customer side, it builds trust and confidence, encourages brand loyalty and provides necessary information and transparency.
Tracking and tracing food products from source to table to meet customer expectations.
Analysing trends from both historic and real-time data for strategic planning.
Building a smart agritech ecosystem that improves supply chain relationships and adds value to all stakeholders; by connecting disparate systems and business processes so as to collaborate and support data exchange and enable the sharing of information and knowledge.
Transforming how valuable supply chain data is stored and accessed to enable the analysis of Big Data.