As a catalyst for accelerating socio-economic growth around the world through our trading, mining and engineering work, we try to bring significant improvements to the quality of life of the communities that we work with. Besides road infrastructure or education, we are also focused on helping our clients use our most efficient services to provide communities with vital food resources needed for survival.
Along with an impressive number of useful applications in dozens of fields, the Internet of Things along with the Blockchain technology could also contribute to putting a stop to world hunger. Or, at least, this is what a fresh report issued by Cointelegraph Consulting together with VeChain claims. According to the report, the blockchain technology can be used to trace food worth more than 300 billion dollars by the year 2027. The Internet of Things and smart contracts can also play a crucial role here and since we specialize in offering practical help and consulting services in these departments, we feel like it would be interesting to share more on the topic.
The Blockchain Technology Could Save The Worldwide Food Industry More Than $100 Billion A Year
Without a doubt, world hunger is one of the most burning problems the planet is confronted with right now, besides the coronavirus pandemic that has shut down world economies and its devastating effects that are expected to come. Experts are talking about an international hunger crisis after the pandemic, and many people are already starting to experience the repercussions of losing their jobs. Millions of Americans are already making use of food banks like Feeding America and their numbers only seem to be rising by the day. Without a doubt, there is an imperative need for fast solutions and the technology that is already successfully used in the world of casinos online for players passionate about poker or blackjack https://www.truebluecasinos.org/blackjack using Bitcoin and other cryptocurrencies could be a game-changer when it comes to putting an end to world hunger during and after the pandemic.
Experts speak about the fact that these combined technologies are projected to save the industry $100 billion a year, with the total of $300 billion worth of food expected to be traced along the supply chain using a series of different methods for the upcoming seven years.
Internet Of Things Sensors Used For Sending Information
Temperature sensors used by the Internet of Things IoT when manipulating and transporting frozen food items can be useful for sending precise details on the respective foods to a blockchain-based network. This way, they can offer stakeholders an accurate supply chain overview. The information can be further used to make sure the food is fresh, genuine and of good quality. According to the previously mentioned report, the mix of technologies can save the worldwide food industry billions.
The same mix of IoT temperature sensors and other blockchain applications could also generate around $47 billion or more in terms of extra revenues. It is also likely to see a significant drop in the size of the losses caused by the risks connected to food manipulation and transportation safety. Platforms that can trace food items at a global level with the help of the blockchain technology will bring numerous advantages in the long term that the industry can no longer ignore. Important changes must be brought to the overall food industry business model which has been deemed to lack sufficient transparency over the years. Plus, the fact that very few industry specialists take accountability is also costing billions of dollars on a yearly basis. For example, more than 20 percent of the wine sales at an international level are counterfeit and this is costing the industry 6 billion dollars. For many years, people have been facing the challenges incurred by improper food safety practices and the existence of counterfeit products that are cheaper and less desirable but also available at a faster pace is making things more difficult.
Smart contracts that are already in use in various industries and fields such as real estate, gambling, voting and interactions between computers can also assist us with creating databases of personal data that can be stored while using secured access solutions for the food industry.
However, these smart contracts still require a lot of work as the risk of fraud and system bugs could prevent smooth processes. The fact that smart contracts cannot be changed after an action has been taken could also be an impediment in putting them to use in the near future.