Blockchain-based solutions for farms-consumers food tracking can reportedly help drastically bring down financial damage, around $31 billion, caused by global fraud. 

According to a report published by Juniper Research on November 25, blockchain-enabled tools, with the support from (IoT) sensors and trackers, will be effective in drastically bringing down retailers’ costs, via making supply chains more efficient, simplifying regulatory compliance, offering more efficient food recalls, and tackling fraud.

The report further notified that the gradually inclined adoption rate of blockchain and IoT in the supply chain sector will bring about major value to the supply chain of the food industry. With the cooperation of these cutting-edge tech, a total amount of $31 billion can be saved, only within the course of half a decade. 

“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.” Research author Dr Morgane Kimmich remarked. 

The businesses working in the food and beverage sectors are turning more and more to Blockchain and IoT for system efficiency. Previously, FMCG heavyweights Carrefour and Nestlé have reportedly decided to choose Food Trust blockchain – developed by IBM – as a tracking solution for milk-based formula for infants.