Juniper Research – a firm known for providing research and analytical services to the global hi-tech communications sector – just released an astounding research showing the amazing impact blockchain and the Internet of Things (IoT) would have in the coming years.
The paper, tagged Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030, gives an in-depth insight into how powerful the IoT and blockchain could be if they are used side by side.
According to the paper, this incredible duo possesses massive potential to increase redundant reductions in food and cut down food fraud, which can save the food industry up to $31 billion by 2024.
Juniper Research proposes that an accurate store of information and a well-crafted tracking system is all that is needed to reduce food fraud including diluted, mislabeled and substituted foodstuffs.
Combining both players, the Internet of Things would serve as a great link between the physical and digital world, keeping track of locations and other relevant info across the global supply chain. Blockchain technology, on the other hand, would be immensely useful in storing the data gathered as it boasts the most secured space to store info on the planet.
What is the use of having all the info when there is no transparent medium to store them for everyone involved to see? Storing food details on paper-based systems has got to be the one of the easiest aspects to exploit in the global food industry as this info can be simply manipulated as the food travels down the global supply chain.
Well, that will not be the case anymore. Findings by the research show that a good combination of this powerful duo will help to realize substantial savings in food fraud from 2021 and compliance costs are expected to reduce by 30% by 2024.
To prove the significance of blockchain in the food industry, you will agree that the top players in the global food industry are the same as the leading players in the food provenance space. This noble list includes Oracle, IBM, and SAP. The research advises other retailers to get in line and leverage the robust potential of this powerful duo before the ship sails.
In conclusion, Dr. Morgane Kimmich, the author of the research stated:
“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.”