According to a Juniper Research study, blockchain and the internet of things (IoT) are poised to revolutionise the food industry. Blockchain could reduce food fraud by $31 billion by 2024 because it allows food products to be tracked throughout the supply chain. In particular, compliance costs will be cut by 30% by 2024, claim Juniper Research in their study Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030. Blockchain will help fight food fraud, especially the fraudulent labelling of food products. IoT (internet of things) sensors and trackers could be used to streamline distribution by improving retailers’ supply chains. The study claims that IoT and blockchain will enrich the whole food value chain. Laborious procedures will be replaced by smart, automated contracts that will cut costs and risks and improve transaction transparency.
Source: CommodAfrica
