Major Companies Enable Blockchain to Optimize Agricultural Supply Chains
August 22, 2018
Agriculture has got a huge potential for integrating blockchain. Trading products of the sector is based on complex relations between manufacturers and retail trade as well as sophisticated supply chain procedures that complicate payments and product providence. As agricultural trade is getting more global, suppliers and innovators try to make profit via integrating cutting edge technologies.
One of the basic advantages of blockchain is its transparency. As reports say, consumers show increased interest in the quality of the products they buy. Blockchain allows for tracing origins of the store’s products and guarantees safe purchase. Manufacturers and distributors find it profitable when products are always present of the shelves as the stock information will always be available for manufacturers.
Another crucial feature blockchain has is traceability of product quality in supply chain. It was often the case that retailer received and sold low-quality products which affected consumer confidence who tended to avoid buying there in the future. With radio frequency identification (RFID) clients will access large body of data like breed, age, sex, vaccination, use of hormones or antibiotics.
Major industry players like NESTLE, Unilever, Walmart Inc and Dole have partnered up with IBM to establish Food Trust blockchain. With any violation detected investigation takes months. Transparent nature of blockchain allows for reducing this time to some seconds.