Blockchain Could Revolutionize the Food Industry
- Technology set to improve efficiency, Rabobank analyst says
- Food-fraud costs industry $40 billion a year, university says
This article is for subscribers only.
The technology that tracks bitcoin transactions is set to revolutionize the food chain.
Blockchain, the distributed ledger technology, will lower transaction costs for food companies, improve efficiency and create new business opportunities, said Harry Smit, a senior analyst at Rabobank International. Firms should explore options to adapt to the new technology or risk losing their competitive edge as innovation takes hold, he said in a report released Thursday.