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Authenticate sustainability in the food supply chain
Traceability is critical for the food supply chain. The current communication framework within the food ecosystem makes traceability a time-consuming task since some involved parties are still tracking information on paper.
The structure of B2B Blockchain ensures that each player along the food value chain generates and securely shares data points to create an accountable and traceable system. Vast data points with labels that clarify ownership can be recorded promptly without any alteration. As a result, the record of a food item’s journey from farm to fork supports the ability to monitor in real-time, while the disclosure of data provides accountability for trading transactions and farming practices to support claims like organic, freshness and superior quality. For example, data entered on a B2B Blockchain ledger can eliminate the possibility of a non-organic ingredient later being reported in an organic product.
B2B Blockchain also adds value to the market by establishing a ledger in the network and balancing market pricing. The traditional price mechanism for buying and selling relies on the judgments of the involved players, rather than the information provided across the entire value chain. Giving access to data would create a holistic picture of supply and demand. For example, using blockchain for trades might revolutionise traditional commodity trading and hedging as well.
B2B Blockchain enables verified transactions to be securely shared with every player in the food supply chain, creating a marketplace with immense transparency and security. Other applications for B2B Blockchain in the food supply chain include streamlining logistics and reducing retail costs, simplifying regulatory compliance and enhancing and expediting the food recall process.
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