How Blockchain is Revolutionizing Food Supply Chain Globally?
There’s no doubt that the food supply business is one of the world’s most profitable business and many business owners are investing in this business. And in this rapid demand, blockchain is playing a vital role.
After a lot of hype, Blockchain is slowly being accepted as a way to streamline and eventually revolutionize how food is delivered to your door. And the food chain is starting to understand that in order to be on the leading edge of this technology, you have to embrace it.
So far, no one has been able to penetrate the food chain. But as the economy continues to grow and food gets a more central role in it, Blockchain can become more widely accepted.
Think about it: unlike cars, houses or any other goods, food is a consumable. It is not really necessary to pay a delivery person for a loaf of bread.
And the time spent just collecting and delivering food to your door is more wasted time. And when a new system is introduced that eliminates the need for so much wasted time, this allows businesses to focus more on their core functions, such as growing and marketing.
But the same old model that runs the food chain through middlemen – the main distributor, a local market, and a local distributor – won’t be impacted by Blockchain. So companies like FarmTrace will still have to rely on them for marketing, distribution, and packaging.
And here’s the catch: the current system isn’t designed to meet the requirements that are necessary to overhaul the food chain. This is where Blockchain comes in.
The question is how Blockchain will be used to streamline this process and allow for more efficient use of resources. And if Blockchain can be made available to everyone, perhaps it will even change how people do business more broadly.
There are already websites that aim to educate people about the importance of the food chain. Some are working directly with customers to address their concerns, while others are creating technology based on the principles that have guided the creation of Blockchain.
Marketplaces will still need to reach a critical mass before they are truly viable as a distribution model. But if the right materials are put in place, they may be able to attract customers who weren’t familiar with what the technology can do.
Until now, many firms have been resistant to the idea of Blockchain because they fear that it’s not as safe as process technology, which is typically more familiar to investors. In this case, investors want to see the proof that this technology is going to do good for society as a whole.
So Blockchain entrepreneurs have to prove their value. They also have to prove that the technology they are selling works.
As long as no one really understands the technology and how it’s being used to improve the food chain, it will remain a niche product. However, if the system can be properly introduced, it’s possible that it will change the way people trade with each other.