Blockchain, the technology that rules the tech industry and the underlying technology behind virtual currency bitcoin is influencing the food industry as well. The digital retailers like Walmart is using the idea put forward by the techies. Here technology paves way to a digital system that allows counter parties to transact using individual codes for goods. And it is useful in many ways as the ledger will be immediately informed about the details, so are the parties who have access to that information.
As the Blockchain technology takes over the industry it provides a transparent way of approach to the entire transactions. Yes, it allows the consumers to know about the details from where it is brought as well as gives an account on the amount of artificial ingredients. The technology allows a more efficient response if there is a problem, enabling companies to locate the source of an incident more quickly.
This is what Wal-Mart food safety vice president Frank Yiannas has to say about the same, “I see a lot of potential to create what I call a digital and transparent food system”. As technology is advanced beyond all limits, the influence of smartphones cannot be neglected as well. What works well with the Blockchain technology is that it will reduce the delays in tracing and it is so visible, maybe from days to second, quickly and efficiently.
The technology also has been embraced by companies in the jewellery business to fight the sale of so-called “conflict diamonds,” which come from war-torn regions. All this has proved that the Blockchain could not only alter the food industry but also other industries as well.