New data from Juniper Research shows that blockchain will enable $31 billion (€27.9 billion) in food fraud savings globally by 2024 by immutably tracking food across the supply chain. Substantial savings in food fraud will be realised from 2021 and compliance costs will be reduced by 30% by 2024. The new research, Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030, revealed that blockchain, used with IoT sensors and trackers, will reduce retailers’ costs by streamlining supply chains; offering simpler regulatory compliance and efficient food recall process.
Blockchain & the IoT – A powerful Duo
Building on their respective strengths, blockchain, and the IoT can revolutionise the food industry. While IoT solutions link the physical and digital worlds primarily via location tracking sensors and temperature and humidity monitoring, blockchain provides an immutable platform where this data can be stored and accessed by every player in the process.
The research found that the IoT and blockchain will add significant value to players involved in the supply chain, from farmers to retailers and consumers. By replacing lengthy procedures with automated smart contracts, blockchain and the IoT bring cost reductions, risk mitigation and transparency to supply chains. Juniper Research recommends that blockchain vendors seek IoT partnerships to appeal to stakeholders across the food production market.
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