Blockchain, Crypto Tech

We’ll Save $300B in Food Thru Blockchain Tech and IoT!

In these times, some things are advancing. I’m sure you have heard of blockchain technology and how it speed tracked everything in storing information, which we have in billions already.

Also, the Internet of Things which we know as the interconnection via the Internet of calculating and computed devices integrated into our daily lives and even objects, sending and receiving data.

In recent reports, BC and IoT have the potential to resolve issues and problems within the food industry, vowing to cut back around $100 billion a year. This answer was from after the industry’s most pressing challenges.

Take, for example, the lack of transparency and accountability in the global food industry’s supply chain creates billion of dollar deficiencies. It is said that almost 20% of global wine sales are forecasting $6 Billion. In the seafood industry, “25 – 70% of red snapper, wild salmon, and Atlantic cod are used by custom brokers by species that are cheap but less desirable. A total of $300 worth of food items can be traced BC and IoT has made things secure in terms of food safety. in the truest sense of the word.

Supply chain experts are exploring blockchain to trace items. This cause was powered by IBM in some of the instances. Various industry giants like California Giant, Walmart, and Berry Farm joining the bandwagon.

With IoT and BC present in the supply chain in the food industry, temperature from the food freezer can send precise information about the food items inside. This can be done through the blockchain network and can be seen by stakeholders. The data from these reports can be the basis for research to maintain freshness and overall quality of items, causing savings in terms of operation vs shortage.

According to VeChain CEO Sunny Lu, one of the reported providers for these solutions, blockchain technology has proved to improve the schemes of their clients in international food trade. With this, it can be expected that potential losses due to food safety risks by $12 billion to $14 billion will be decreased.

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