Ask most people about blockchain, and they will likely have some familiarity with how the disruptive new technology promises to make traditional paper ledger-based transactions obsolete, replaced by digital ledgers. Headlines abound heralding how blockchain technology will revolutionize financial services markets, which remain burdened by unwieldy paper trails and costly proprietary software applications.
However, not everyone knows that the move toward developing blockchain has direct roots in the erosion of trust that grew as the financial crisis of 2007 and 2008 exploded around the globe. Blockchain allows people to record transactions securely via a decentralized platform without a lot of intermediaries. Because of the advantages it can bring to the process of tracing food sources, it also promises to have a transformative impact on safety and accountability in the food industry.
The evolution of blockchain leads directly back to a crisis of trust, and numerous companies are working on blockchain solutions that will increase trust in the food industry and improve food safety. Katy Jones, CMO of food traceability company FoodLogiQ recently spoke with The Spoon on the topic of California’s tainted Romaine lettuce. “[Blockchain has] potential to be a transformative method to open up transparency in the food supply chain,” she said. However, she also noted that without data built on a common standard and supply chain partners committed to gathering and reporting on that data, blockchain alone will not solve all the issues.
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Source: The Spoon