Ken Chigbo
Independent Analyst
- Juniper Research in their new report suggest that blockchain and distributed ledgers can help the food industry.
- It is believed that the technology could save some $31 billion in the next five years.
A new report conducted by Juniper Research suggests the food sector should pay more attention to distributed ledgers. Adding that most people are aware of blockchain technology due to its use in cryptocurrencies such as Bitcoin.
However, detailing that the same technology can be leveraged in systems that do not involve financial transactions also. Identifying those potential applications has been an ongoing process over the years.
Juniper Research notes that how the food industry can be a major use case. Moreover, the research claims how retailers could start driving down their overhead costs. By streamlining supply chains and “upgrading” the food recall processes, a lot of money can be saved.
It would need to occur in conjunction with the deployment of distributed ledgers, or blockchains.
Adding that when combining this innovative technology with the Internet of Things, significant potential can be unlocked.
Juniper Research suggest that If the proper technologies are embraced, the food industry can save up to $31bn in the next five years.
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