Jupiter Research reported that “Using blockchain and IoT tracking technology to trace the journey food takes from farms to grocery store shelves will “revolutionize” the food industry, reducing retailers’ costs by streamlining supply chains and simplifying regulatory compliance.” The November 25, 2019 report entitled “Blockchain to Save the Food Industry $31 Billion by 2024, Driven by IoT Partnerships” included these comments:
The research found that the IoT and blockchain will add significant value to players involved in the supply chain, from farmers to retailers and consumers.
By replacing lengthy procedures with automated smart contracts, blockchain and the IoT bring cost reductions, risk mitigation and transparency to supply chains.
The research also found that leading players in the food provenance space are leveraging their robust blockchain and IoT solutions.
This includes IBM’s Food Trust and Watson platforms, SAP’s Track and Trace and Leonardo platforms, as well as Oracle’s Track and Trace, and Internet of Things solutions.
This may be optimistic, but even half of $31 Billion would be a huge improvement!
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