Blockchain technology could improve global food supply – new report
Driven by substantial global business opportunities, food companies are targeting blockchain-based innovations in the food supply chain.
Chain Business Insights, a market research firm focused on the use of blockchain in supply chain management, published its latest research report on Monday, explaining how blockchains can help to break down information silos to improve visibility and traceability from the farm to the table.
The Austin-based company said its report – Blockchain and the Future of Food: Driving Efficiency, Transparency and Trust in Food Supply Chains – focuses on the midsection of the food-service supply chain because that is where the complexities of the supply chain and the rivalries of its stakeholders are especially apparent.
The report begins with food manufacturers (that receive the raw materials from producers such as farms and fisheries), and ends with the venues that serve food to consumers.
“The food supply chain comprises countless players that are functionally and geographically diverse,” said Ken Cottrill, Co-Founder and Research Principal at Chain Business Insights. “Many of these entities are largely unaware of each other, and have very different commercial agendas. This fragmented structure inhibits the free flow of information up and down the supply chain.”
The report further explains how the traditional retail channel, where consumers buy food products from retailers and prepare meals in the home, differs from the food-service channels. It also discusses how the rapid growth of online channels in the food business is adding new demands to the supply chain.
Driven by substantial global business opportunities, food companies are targeting blockchain-based innovations in the food supply chain. To this end, the report contains profiles of 13 large firms and startups that are already engaged in a proof of concept in the food industry.
Although some of the new innovations will likely come to fruition over the next year, the report states that widespread adoption of blockchain technology in the food industry is further away.
“Despite the obstacles of implementing blockchain, we believe that the food industry and its supporting supply chains represent one of the most important applications of the technology,” said Sherree DeCovny, Co-founder and Research Principal at Chain Business Insights. “Given the potential benefits and promise offered by blockchain-based applications, we believe that it’s not a question of whether they will be implemented – but when.”
Founded in 2017, Chain Business Insights provides research, analysis and business intelligence on blockchain technology specifically geared toward supply chain management and trade finance professionals. The company’s clients include supply chain practitioners, intermediaries such as third-party logistics providers and import/export agents, financial services firms, technology companies, legal firms, government agencies, management consultancies, and the academia.
- Assessing the economic and human costs of #EndSARS protests
- Nigeria's 2023 presidential election should not be the focus yet
- Building institutions to deliver national economic prosperity
- Why contract farming is necessary in Nigeria
- Protection of the rights of criminal suspects is a police reform essential
Most Popular News
- Nigeria records 39.1 per cent decrease in terror-related deaths
- Nigeria’s inflation jumps to 31-month high on food prices
- Nigeria's inflation rate is 31 per cent – Johns Hopkins economist
- Nigerian regulator bans BGL Securities over market abuses
- Nigeria’s inflation accelerates to 14.23 per cent
- Global transition to green economy too slow, uneven – new report