Sep 13, 2022
We all know the different ways that cryptocurrencies and NFTs are changing our lives and bringing new technology to the forefront. However, there are other ways that blockchain is impacting our everyday lives and giving innovative solutions to industries like Agriculture and Pharmaceuticals. One such industry its revolutionizing is Food Supply Chain. Supply Chain in food industry right now are estimated to grow at a CAGR of 48.1% reaching $948 million by 2025.
Food Supply chains are difficult to manage and challenging because food ecosystems are complex have an increasingly small shelf life. They can get contaminated easily and they need to be handled delicately, often with right precautions. They also have a time sensitive delivery process that can get affected by the inherent lethargic process of pen-paper method and nowadays customers are increasingly getting concerned with ethicality and sustainability of the products they consume. Company processes are often vulnerable and can be exposed to frauds, violation of code and they experience problems and risk at every level, trying to upscale their expanding supply chain to meet demands.
This is where Blockchain comes in. It is a distributed ledger shared with users in the same network who can exchange data on a secure platform. There is no single authority therefore no chance of data manipulation and its decentralized and open nature makes it a trustworthy and secure platform.
Benefits of MSRvantage services across Food Supply Chain:
Blockchain makes the process effortless and secure with its tracking/tracing feature. Participants in the supply chain system like suppliers, wholesalers and even customers can track the product and access information about the location, condition and sourcing of the product. Accurate tracking helps in identifying potential issues that may rise and help participants prepare in advance to solve those issues. Detecting contaminated food early limits potential food waste and participants will be able to tackle the ripple effects of late delivery, sudden demand changes and even financial loss.
MSRvantage provides solutions that ensure data integrity and quality due to data being stored in a block system which is secured using cryptography and the data is immutable i.e. no one can tamper with it and every involved participant has a full end to end view of the supply chain management process. Digitization of certifications in the process enables efficiency by automated coordination and decreases the human factors of risk and intermediaries – all of this provides with transparency and ethicality. Since food products are delivered across borders, blockchain makes cross border trading seamless with its P2P network and transactions can be made in seconds without any intermediaries.
MSRvantage increases security by programming all obligatory restrictions and stipulations into the logic of smart contracts as dictated by the participants to ensure proper completion of a phase and transactions in the supply chain. Smart Contracts are rigid computer protocols that can be self- verified and make transferring digital assets between concerned participants easy. All this monitoring in real time ensures that food product quality is maintained in every phase and is delivered to the customer in proper condition.
Supply Chains in food industry become more efficient, transparent and seamless by leveraging smart solutions-based systems. Organizations can digitize their assets and keep track of transactions in a fixed log format. This will reduce counterfeits and eliminate fake products that can get in the process and build trust among the customers while giving the involved participants a complete overview of supply and demand. It also helps companies to certify fair trade, organic and ethically sourced food products for the more conscious customers.
At MSRvantage, we will offer your supply chain management a compact and reliable solution for enhancing your performance while giving appropriate security. Our next-gen blockchain technology includes track and trace solutions, asset digitization, smart contracts developed by our experienced developers and a rewards and loyalty program that will reduce costs and enhance your brand, giving you end to end service. With MSRvantage you can build a scalable and adaptable supply chain management that will be able to meet new demands of an ever-changing industry.
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