Blockchain offers opportunities for efficiency, sustainable product range, and cost reduction in the food chain. Companies that want to remain successful within the future food value chain are therefore well advised to explore blockchain options. Blockchain: Sustainable, Transparent Food Chain.
Blockchain: The Rabobank
This is Rabobank's (Dutch bank) conclusion in the report 'Blockchain: The Trigger for Disruption in the Food Value Chain.' After implementation, the report states that blockchain can be used for cost reduction and for increasing the value of end products or raw materials by using the information about these products. An example is meeting specific customer requirements about the production method, origin, and other quality characteristics.
Transparent Food Chain
The information provided by the blockchain can also benefit from the approach to food safety issues. "Retrieving products can be much easier if the entire chain is transparent," says Harry Smit, senior analyst - farming and farming inputs.
Transparency in the food chain also means that the reputational advantages of market leaders decrease. According to the report, confidence in a product is less dependent on trust in the supplier, but more of the information available in the blockchain. This allows smaller companies to realize high prices based on the intrinsic properties that they provide, without having to build up a reputation for many years.
The blockchain information can also be used in predictive models that can demonstrate correlations, links, and risks.
Successful Implementation
If blockchain is to be successfully implemented, then according to Smit, two conditions must first be met. "First of all, processes within companies and between companies must be digitized and standardized. Secondly, the broad participation of stakeholders throughout the value chain is necessary. Otherwise, the value of blockchain will be canceled. "
Source Chris Thijssen
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