02/12/19 08:23 UTC-5

The food industry can save $31 billion thanks to the blockchain

OtherThe food industry saves $31 billion thanks to the blockchain
The food industry saves $31 billion thanks to the blockchain

A Juniper Research study showed that blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
technology can reduce the cost of $31 billion in food production.


Analysis results

The study found that distributed ledger technology combined with the Internet of Things (IoT) metrics can significantly reduce seller costs by simplifying regulatory compliance by offering more efficient product deliveries and lowering fraud. By replacing lengthy procedures with automated smart-contracts, blockchain and IoT provide cost reduction, risk reduction and supply chain transparency. Juniper Research recommends that blockchain providers seek IoT partnerships to engage stakeholders in the food market.

By combining innovative technologies, the food industry can save up to $31 billion in five years, the latest cryptocurrency news reports. The scientist and author of the study, Morgan Kimmich, said that “supply chain optimization can be achieved through data transparency, avoiding paperwork. A single, consistent platform that provides clear tracking of the supply chain, saves resources and time, and solves the problem of fraud.”

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Editor: Alyona Deryabina