Disclaimer: This is paid guest post by Andrey Sergeenkov
Blockchain is a technology which has got immense potential and use cases. One such use case lies in food and nutrition domain. In fact, Blockchain could rejig the whole food and nutrition industry. Use of blockchain in the existing industry structure might boost lucidity, competence, and cooperation throughout the food and nutrition domain.
Using Blockchain, consumers possibly will be able to map out the starting place of their food in a couple of seconds. However, it is essential to examine just how the blockchain tech will work on grounds, as blockchain gets nearer to its mainstream implementation in the food and nutrition ecosystem.
Blockchain in Supply Chain
Notably, there are different ways in which blockchain can be applied to food and nutrition supply chains. One of the most general use case of blockchain technology in food supply chains is to perk up traceability. The tech implementation facilitates companies to rapidly track hazardous products back to their starting place and check at what other places they have been disseminated. This can trim down the expenditure of product recalls.
Moreover, blockchain can help in agricultural commodities business. As we know, agricultural commodities are large business, and commodity managers have been beleaguered by issues like payment time lags. Bringing blockchain technology into play can help in dealing with the aforementioned issues.
Apart from that, companies that invest in agricultural products are quite interested in fetching detailed information about the particular product before they decide to purchase it. Implementation of Blockchain technology can lend a hand to banks and other stakeholders in order to envisage whether a farm might be able to repay a loan on time. Moreover, payments are still a grave subject for tiny farms and further businesses in agriculture. Blockchain can play a major role in making the payments transparent.
Blockchain and Nutrition
Noticeably, a lot of projects have emerged in the blockchain based nutrition domain, in recent times. One such project is Midascaps. As per their website, “MIDASCAPS’capsules endeavor to resolve multiple issues in sports nutrition industry. They can be sold by vending machines in clubs, gyms, and malls, as combo packages on MidasCaps e-commerce sites, or just as single capsules on common retail channels.”
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