In a supply chain, there are multiple parties involved ( for e.g. in farming: a farmer, a distributor, a retailer and a consumer, etc.) with access to a shared set of data, about a common product that moves between them across its lifecycle. For making the supply chain process successful, every party that’s concerned with the product must show their involvement such as a farmer sharing the information about the product’s harvest, the distributor about the logistics, and the retailer about the price and consumer information.
With increased supply chain and intense competition in the global market , food supply chain have become longer and more complex than ever before.There are some common problems in food supply chain such as food traceability , food safety, food trust and supply chain inefficiency, which adds additional risk on the entire society and the health of human.
From a suppliers perspective the usage of Blockchain technology helps gain trust between customers, building a reputation of their products by providing individual product information into the system. The technology is capable to recording information about the product from its provenance to the store. It provides a secure and immutable way of storing data collected at the beginning of the supply chain.
As a farmer, keeping track of important data or storing the crop information in a piece of paper or spreadsheet isn’t relatively practical and here’s where Blockchain will help them by tracking every record of a crop from the moment it’s planted till it reaches its consumers. Every information about the supply chain processes and events can be securely stored and accessible in real time thus providing insights to all the actors in making the process efficient.
A major trend in food at a global level is the curiosity in consumers wanting to be familiar about where the food has come from or where it was produced and the labour and quality conditions etc. As mentioned earlier, Blockchain stores the data at every step in an immutable way which provides transparency and trust to the consumers about the food that they consume.
As food frauds are rapidly increasing (European Union Food Fraud Report) this is a problem that Blockchain technology can solve. A supply chain application offers its consumer a complete understanding of the food which has been purchased by them. If there is any unethical activity, then the time and location of such events could be identified and stored in an immutable way in Blockchain to provide end to end traceability and auditability (the decentralised architecture and consensus mechanism built into blockchain makes it almost impossible for one actor in the supply chain to manipulate data).
To ensure food safety from farm to fork, The European Union has implemented the Trade Control and Expert System for food traceability and risk management functions, which traces the food products through the supply chain process.
Blockchain based solutions increase efficiency and traceability across the production chain and transform the technique of how we connect, execute and perform the business.
ProdTrack can raise efficiency and transparency in global seafood supply chains leading to honesty, eradicating ambiguity, increasing sustainability, and improving food traceability.
With the decentralized solution of ProdTrack, all the actors involved in the supply chain are connected in a single ecosystem and have access to the same data.