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

Why Healthcare and Smart City Apps Drive 5G IoT

Fifth-generation (5G) wireless technology for cellular networks is a successor to fourth-generation (4G) wireless technology. By 2023, Juniper Research anticipates that there will be over 1 billion 5G connections globally. The technology will provide the data infrastructure for the advancement of wireless communications and for new developments in the Internet of Things (IoT) -- including smart cities and healthcare. 5G IoT Market Development According to the latest worldwide market study by Juniper Research, 5G IoT connections will reach 116 million globally by 2026 -- that's increasing from just 17 million connections in 2023. Juniper analysts predict that the healthcare sector applications and government or other smart city services will drive this outstanding 1,100 percent growth over the next three years. Juniper examined 5G adoption across key industry sectors -- such as the automotive, mobile broadband, and smart homes -- and forecasts healthcare and smart cities will accoun

How Savvy Leaders Re-Imagine Work in 2023

As we look to the year ahead, there will be significant challenges and opportunities facing the Chief Human Resource Officer (CHRO) role. In order to be successful, savvy HR leaders must be prepared to take proactive steps that adapt and evolve. "HR leaders have faced an increasingly unpredictable environment amid many organizations mandating a return to office, permanently higher turnover and burnt out employees," said Emily Rose McRae, senior director at Gartner . HR Innovation Market Development One of Gartner's key predictions for 2023 is that the use of artificial intelligence (AI) and automation will continue to increase within the enlightened digital workplace. This transition will require HR leaders to develop new skills and competencies in order to effectively manage and lead teams that are increasingly relying on these enabling technologies. Additionally, HR leaders will need to ensure that their organizations are investing in the necessary infrastructure and re

Top 10 CFO Priorities Require Rethinking Finance

The Chief Financial Officer (CFO) role is essential to digital business growth. While CFOs do not get closely involved in the tactical details of the digital transformation of their functions, they still recognize its strategic importance. According to the latest survey by Gartner, CFOs are faced with the challenge of balancing the need for substantive digital business innovation with financial cost control and risk management. "CFOs will be stretched thinly across many activities in 2023. The survey revealed a wide range of actions CFOs plan to either lead or be significantly involved with," said Marko Horvat, vice president at Gartner. Survey Findings: The Top Ten Priorities Cost Optimization - Cost reduction remains the top priority for CFOs as they look for ways to cut costs and improve efficiency in their operations. This includes identifying cost-saving opportunities through automation, outsourcing, and business process improvement. Business Continuity - The global C