Just like in many other industries of production as well as utilisation of commodities, food cannot be left unmentioned. This is because food and associated products are a universal need, without which the economy is affected in one way or the other. We have seen food produced in one continent shipped into another, thus satisfying the demand-supply chain of food.

Understanding the food production process

Within this chain of food production and supply, there are many participants involved in between the farmer and the final consumer. These include, but not limited to brokers, transporting firms, quality and quantitative analysts, food processors, government agencies. Each of these individuals shares critical information about the product that majorly remains in their circuit. If this information remains as such, it could hatch into avenues for fraud to occur. For instance, price ratings, quality, quantity, dates of certification and so forth. A farmer, for instance, uses vegetable spray less than 24 hours before harvest, yet goes ahead to supply to brokers who forward the produce through certifying agencies, that clear the product as safe for use and even endorse the dates of expiry and content. This implies that, in an actual sense, this product is unsafe for consumption in its state, but in a practical sense, it has passed the test, oblivious to the client's knowledge. The client in this case loses on his value for commodity.

In this view, such loopholes can be sealed if the blockchain technology of cryptocurrency trade should be incorporated in the said chain as explained by Food Institute. First and foremost, the data shared as in the example given; about the dates of verification cannot be tampered with. If chemicals that are considered hazardous are detected on the vegetables after the farmer’s actions, then it would be public knowledge to all who have interests in the said produce that it was unfit for human consumption. A certificate of quality would therefore not be generated. The client, who is the ultimate investor, in this case, gets value for investment. With blockchain, a secure environment is created.

Further, look at the advantages of blockchain tech in the food industry.

Several advantages are associated with crypto trade in the food supply chain that can be mentioned are decreased fraud, help expedite the whole process and reducing retailers’ costs. By implementing the use of a smart contract as explained in Bitcoin Circuit software, unnecessary intermediaries in the food chain would be eliminated. A few giants who have come up with solutions in the food chain supply are Food Trust and Watson platforms and track and trace. According to the newfoodmagazine.com, the Sustainable Shrimp Partnership (SSP) has collaborated with IBM to use its food trust Ecosystem to provide complete traceability of SSP shrimp for their consumers. In such a case, verification of product authenticity is possible and data related to the production is thus uploaded onto the blockchain and thus made readily available for the consumers and retailers at every stage of the process. 

Another example as quoted in the newfoodmagazine.com is the collaboration between Nestle and Carrefour to improve the confidence of their consumers by being transparent in production and packaging. This is seen as an attempt that ensures high standards of products while protecting the consumers’ interests.

Rising crypto volatility

In a world where cryptocurrency volatility is high, Bitcoin Circuit helps with a positive trading experience even as the demand to implement blockchain technology in industrial operations keeps rising constantly at an ever-steady pace. A successful algorithmic trading strategy is squarely based on Artificial Intelligence that is well incorporated in this platform, in a system that you, as a client, can easily access through your desktop and even via mobile devices.