Blockchain Technology in the Food Industry
Keywords:Blockchain, Supply Chain Transparency, Food Sector, Traceability, Sustainability, Global Competition
This paper analyses how blockchain technology works in agri-food supply chains. It also intends to identify the benefits and limitations associated with the potential widespread use of this technology to improve efficiency and sustainability performance. Despite the undeniable benefits of blockchain and the possible improvements to enhance transparency, reliability and accuracy of information, considerable challenges to its widespread adoption persist. The transformational potential of blockchain technology can be unlocked by: a) the creation of a pre-competitive space for unprecedented horizontal collaboration amongst supply chain actors to reduce cost and maximise benefits; b) the redesign of centralised governance systems of existing tracking and information-sharing platforms; c) the integration of blockchain and Internet of Things devices.
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