Skip to main content

Blockchain will Transform Food Production & Distribution

While blockchain applications are still evolving across the globe, several use cases across asset tracking, financial services and digital identity are already in production and offer valuable improvements. Joining the list of compelling blockchain use cases: the food industry.

More than 30 percent of the food produced worldwide is lost or wasted before it is consumed. With the global population expected to grow to 9.8 billion by 2050, improving the food supply chain efficiency will greatly reduce food scarcity and advance the attainment of sustainability goals.

Introducing blockchain to the food industry can deliver many benefits. All are linked to the visibility it gives manufacturers, retailers and producers able to view their upstream and downstream activities, location and status of products, with certifications and insights for the entire value chain.

Blockchain Market Development

According to the latest market study by Juniper Research, blockchain will enable $31 billion in food fraud savings globally by 2024 by immutably tracking food across the supply chain. Substantial savings in food fraud will be realized from 2021 and compliance costs will be reduced by 30 percent by 2024.

The new research revealed that blockchain, used with the internet of things (IoT) sensors and trackers, will reduce retailers’ costs by streamlining supply chains; offering simpler regulatory compliance and efficient food recall process.

According to the Juniper assessment, building on their respective strengths, blockchain and the IoT can help to transform the food industry. Juniper analysts recommend that blockchain vendors and service providers seek IoT partnerships to appeal to stakeholders across the food production market.


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.

Outlook for Blockchain and IoT Innovation

The research also found that leading players in the food provenance space are leveraging their robust blockchain and IoT solutions. This includes IBM’s Food Trust and Watson platforms, SAP’s Track and Trace and Leonardo platforms, as well as Oracle’s Track and Trace, and Internet of Things solutions.

"Today, transparency and efficiency in the food supply chain are limited by opaque data forcing each company to rely on intermediaries and paper-based records. Blockchain and the IoT provide an immutable, shared platform for all actors in the supply chain to track and trace assets; saving time, resources and reducing fraud," said Dr Morgane Kimmich, research analyst at Juniper Research.

Popular posts from this blog

How the COVID-19 Pandemic Advanced Telehealth Adoption

The global COVID-19 pandemic has accelerated digital transformation across many industries. As an example, consider the healthcare sector. Some routine medical situations can be diagnosed and resolved online. While the trend was already in motion long before the pandemic arrived, the adoption of telehealth increased rapidly in 2020. Around the world, many governments responded to the disruption and inaccessibility of healthcare facilities by loosening previous regulations and restrictions on the practice of telemedicine apps, and teleconsultations. This decision resulted in the mass adoption of these medical services among patients and providers. According to the latest market study by Juniper Research, telemedicine will save the healthcare industry $21 billion in costs by 2025 -- that's rising from an estimated $11 billion in 2021. This increased app usage represents an anticipated growth rate of over 80 percent in the next four years. Telehealth Services Market Development The co

Worldwide Semiconductor Demand will Accelerate in 2021

The technology sector is a key driver of the U.S. economy. Therefore, components like semiconductors play an important role in America's future. The 'CHIPS for America Act' is a new law that calls for incentives on domestic semiconductor manufacturing and investments in research and development. But these renewed efforts will require years of ongoing commitment. Meanwhile, despite the impact of the COVID-19 pandemic, the semiconductor market performed well in 2020. However, new demand by industry was uneven throughout last year due to global lockdowns, remote working adoption, and shifts in consumer and commercial buying behavior. Worldwide semiconductor revenue grew to $464 billion in 2020 -- that's an increase of 10.8 percent compared to 2019, according to the latest market study by International Data Corporation (IDC). Semiconductor Technology Market Development IDC now forecasts that the semiconductor market will reach $522 billion in 2021, that's a 12.5 percent

Hyper-automation Propels Superior Business Process Redesign

When the world was disrupted by a global pandemic during 2020, many CEOs and their board of directors were consumed by reacting to immediate problems. Meanwhile, a few forwarding-thinking enterprise leaders also paused to invest in accelerating their prescient digital transformation agenda. What enables executives to envision an opportunity while others see only challenges? Strategic foresight, and a willingness to embrace the apparent changes that are transforming the legacy status quo. During this period of uncertainty, hyper-automation investment has gained new momentum. Hyperautomation is the application of advanced technologies that augment humans by helping to streamline processes in new ways that are significantly more impactful than the legacy approach. Hyperautomation Market Development The global market for technology that enables hyperautomation will reach $596.6 billion in 2022, according to the latest worldwide market study by Gartner. This is up from $481.6 billion in 202