ESG factors have gained significant importance as investors, customers and other stakeholders are increasingly looking out for businesses that prioritize sustainability and social responsibility. Blockchain technology has a tremendous potential to address ESG challenges. Blockchain’s distributed ledger technology can increase transparency, traceability, supply chain management and enable businesses to achieve ESG goals.
Developing a global food system that embraces social, economic and environmental objectives is crucial for this planet that is confronted with unsustainable consumption patterns. Blockchain technology ensures fairer supply chains, enhances food traceability and drives environmental sustainability. It could be a key to unlock the SDGs.
Fresh Fruit supply chains are undergoing a massive transformation globally. The major drivers are stringent regulatory requirements and competitive strategy, triggered by the demands of food safety and transparency by the end consumer. Check how blockchain traceability solutions bring trust, transparency and visibility in the fruit supply chains
Seed quality is the backbone of the food supply chain. The illegal seed market poses a threat to the entire world. Food security, sustainable agriculture, and farmers’ incomes are set down without the proper regulation and management of the seed value chain. Traceability solutions help in addressing these challenges.
With globalization, the food Supply chain has become more complex. Bigger volumes, more stakeholders, larger distribution channels, and legal and safety issues amount to a multifactorial management issue. With the implication of Blockchain in supply chain management, data can be accessed through its decentralized ledger system providing transparency throughout the supply chain.
Sustainable food systems depend on farming, waste management, and supply systems. A sustainable food system delivers economically viable and socially beneficial food security to all. Blockchain technology provides a verifiable record as to who buys what from whom and this transparency helps consumers to adopt sustainable lifestyles.
Food Waste is a major contributor to greenhouse gas emissions that impact climatic changes. Blockchain technology will usher in a new era of food traceability, which could go beyond addressing food safety issues by driving sustainability with reduced food wastage and lowering the inefficiencies and costs of food supply chains.
According to the Grocery Manufacturer’s Association, an average recall costs $10 million and takes 14 days to identify and 34 days to enact, and by this time only 40% of the products can be collected. It is the brand’s responsibility to remove the product from circulation and prevent foodborne illness. Blockchain technology aids in better recall management.
Smart Contracts, Data Analytics, Smart Packaging and Blockchain based traceability solutions build robust, secure and resilient supply chains.
Blockchain is an emerging technology in today’s supply chains. Its Transparency, Accountability, Security and Interoperability features have improved the productivity and end to end visibility of food supply chains.
The challenges due to the perishable nature of products in livestock sector in terms of foodborne diseases and contagions and demand for stringent safety standards are leading to the advent of blockchain based traceability solutions to usher in a new era of
food safety.
Evolving consumption patterns worldwide are putting the food industries up against the wall. The race for consumer trust is has led brands to work with digital food traceability, the only way to guarantee complete transparency. Leverage the power of Blockchain in agriculture to digitize agricultural ecosystem. Make the supply chain clean, credible, and traceable.
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