One technology that has taken the world by storm is blockchain, which has made a huge impact in the business world with the booming growth of cryptocurrency, bitcoin. Not just for payments, it helps in making the process of value transfer more efficient and reliable. Almost every industry that is associated with the manufacture & supply of products can now benefit from blockchain’s nature. From fashion industry to pharmaceutical industry, even the food chain business or high-end technology firm, blockchain has completely revolutionized the way we do business. In this article, we will be learning how your food business can take advantage of blockchain enabled Restaurant Software Solutions to achieve new heights of success.
- Faster & Fairer Payment
Using blockchain, everyone involved in the food chain business can pay more quickly, from farm to serving plate. Farmers can sell fast as market data are readily available and validated without the need of relying on marketing boards to sell their commodities. Blockchain changes the food sector by eliminating middlemen & reducing transaction fees, leading towards better pricing.
- Safety of Food
Blockchain keeps a supply chain more transparent at all the levels, making the entire chain responsible for any food safety disasters. Companies like Unilever & Nestle are making use of blockchain, as it allows specific food products to be traced at any time, thereby reducing food waste. Contaminated food can be discarded quickly while healthy food would remain on the shelves.
- Fraud Prevention
Since blockchain doesn’t need any third parties and is operated anonymously, any error can be easily traced to individual culprits avoiding the chance of informational inaccuracies, fraudulent behavior and corruption motivated errors. Additionally, it facilitates better data-sharing between actors in a food chain, which helps in putting an end to retailers that sells fraud products.
As blockchain technology help in storing and sharing information across a network of users in an open virtual space, it helps the user to keep a check on all the transactions simultaneously and in real-time. Similarly, in the food business, a retailer can easily figure out whom his supplier has dealings with. Apart from all the benefits discussed above, the transactions carried out using blockchain are not stored in a single location, making it impossible to hack any information. As users demand more visibility and trustworthy food choices, blockchain is the right choice that helps in establishing the trust. Get in touch with the trusted Blockchain Development Company now to avail all these benefits.