Blockchain will facilitate $31 billion in “food fraud savings” by the year 2024, according to new data from Juniper Research.
According to the research, which was released earlier this week, blockchain, along with “internet of things” trackers and sensors, would help to drive down costs for retailers. This would be achieved through the streamlining of supply chains, efficient food recall processes and “simpler regulatory compliance.” The research is contained within the “Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030” report.
Blockchain refers to a tamper-proof, distributed digital ledger that records transactions. The European Commission has described the internet of things as merging “physical and virtual worlds, creating smart environments.”
In a statement Monday, Juniper Research said that the internet of things and blockchain would add “significant value” to those involved in the supply chain, namely, farmers, retailers and the consumer.
Today, many consumers are increasingly aware of where their food comes from and how it is produced. Nevertheless, trust is still a big issue, especially when it comes to supply chains.
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