Global blockchain agriculture and food supply markets are estimated to reach $429.7 million by 2023. A recent press release stated that blockchain technology will dominate this industry in almost all the departments by providing product tracking, traceability, and visibility in the coming five years.
In every field, there is a growing demand for solutions and platforms that can offer complete traceability. And food products and supply industry are vying for such a solution to stop increasing instances of food fraud in countries across the globe. Decentralized applications of distributed ledger technology (DLT)-based blockchain technology can definitely come up with a solution to fulfill such demands.
Reports indicated that blockchain technology is at the threshold of bringing in a revolutionary phase in the food and agriculture sectors as it gears up to enhance the organizations’ capabilities to make decisions. A release from FAO stated that annually around one-third food is wasted globally which necessitates the need to come up with a perfect estimate while managing actual supply and demand for the food products. It will ensure that the foods reach the needy and wastage is restricted.
At present, the global blockchain markets in agriculture and food supply chain industry is valued to be around $60.8 million and same is expected to increase at a CAGR of 47.8 percent in coming five years, said Cision. Blockchain can effectively tackle the issues caused due to lack of proper co-ordination between demand and supply of food products. Introduction of blockchain technology in this field will bring a transparency in the management of entire agriculture and food verticals.
The Label Insight Food Revolution Study of 2016 said that approximately 94 percent of people preferred buying products from manufacturers who are transparent. Major good companies across the globe are trying out different ways to introduce blockchain solutions so that the inefficiencies in the industry could be properly addressed, according to Cointelegraph,
Dairy Farmers of America is one company which is using global blockchain technology to track its products in the food and supply chain markets. Similarly, Albert Heijn, a Dutch supermarket chain is using blockchain solutions for tracking the production of orange juice.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]