The Surprising Impact Of Blockchain In The Food Industry

The technology that tracks bitcoin transactions is set to revolutionize the food chain. Blockchain, the distributed ledger technology, will lower transaction costs for food companies and improve efficiency and create new business opportunities. Firms are currently exploring options to adapt to the new technology at risk losing their competitive edge as innovation takes hold. Wal-Mart Stores Inc. and International Business Machines Corp. have already jumped on the bandwagon to improve transparency in an industry targeted by food-fraud, that’s been estimated by Michigan State University to cost as much as $40 billion a year. In order for goods to be traceable from farm to fork, all parties that handle the goods should be linked to the blockchain Harry Smit, a senior analyst