Is it possible to trace where food comes from?
Several companies have launched services that allow shoppers to see a product’s journey from farm to fork, but they often rely on retailers agreeing to be transparent.
When you stop by a store to buy fresh fruit, vegetables, or meat, the packaging usually reveals which country it’s from. Some high-end brands go a step further by offering stories about the farm and the conditions in which the food was grown.
How will that work? Any examples?
Smart farming solutions — which increase productivity and meet food demand — are growing rapidly, and it is estimated that the industry could be worth up to $26.76 billion by 2020.
Farmers who already use blockchain describe it as a “game changer, just like the internet.” For example, one meat company said that seemingly insignificant statistics that blockchain provides, such as when a pig arrives at a factory, can have a huge effect on the final product they provide to customers. They show blockchain results in a “detailed passport” where consumers can be sure that the meat they consume meets stringent hygiene and welfare standards — with any issues that arise in the production process identifiable in as little as 30 seconds.
Food safety is great, but what about food prices? They keep increasing.
Blockchain can eliminate paper-based processes and cut costs, with these savings passed on to you.
Getting rid of middlemen will minimize transaction costs, and decentralization will also make it easier for small farms to compete with large companies.
For example, blockchain concepts like PavoCoin are entering the fray — giving smallholders access to achievable financial services, such as the ability to pre-sale crops via smart contracts, helping them improve the quality and quantity of their harvest, and providing consumers with more information about their crop. the food they buy. The company said farmers in Stockton and Dixon, California, recently started using the system. A third installation is planned at Merced soon.
But wouldn’t farmers be out of pocket from lower prices?
In contrast, smart contracts can ensure they are paid fairly for their hard work without delay — and smaller farms will have a larger market to sell their fresh produce.
Blockchain empowerment has the potential to transform farmers, who do the hardest work, from price takers to price setters, forcing downstream cost reductions.
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