Is Archaic Database System Hindering the Growth of Food Companies
CHALLENGES TO GROWTH
Is your existing food supply chain database system efficient and effective enough to be able to cope with the growing and ever-changing demands of your industry’s ecosystem? What are the areas that are blocking the efficient and cost-effective management of your food supply chain? The bane of most centralised database management systems is the key concerns of traceability, transparency, security and immutability. This translates to –
- Difficulty in tracing your product in the supply chain.
- A centralised database system that is susceptible to hacking and corruption of data.
- Stakeholders in the food supply chain do not have real-time information.
- Data that can be changed, modified or even fudged.
Blockchain technology is the disruptive solution for the crucial needs of the food supply chain database.
- Traceability: It is crucially important to know the status of the product in the supply chain, in the event of recalls, re-routing and such.
- Transparency: Ensures that all stakeholders get real-time information of each transaction in the food supply chain.
- Decentralised Security: The distributed architecture of blockchain technology guarantees greater security against hackers and protection against corruption of data in one or more nodes.
- Immutability: Once the data is entered and verified in the database system, it is locked. Nothing and no one can change the data.
- Smart Contracts: Automated payments that are released seamlessly on the occurrence of a transaction as agreed to, by the concerned stakeholders.
- Some Other Benefits:
- Inventory Management – Reduction of lead time.
- Food Management – Efficient handling of raw materials and finished products.
- Statutory Guidelines – Product traceability enables proper maintenance of statutory guidelines.
BLOCKCHAIN TECHNOLOGY FOR THE FOOD INDUSTRYBlockchain technology has been embraced by many in the food supply chain industry as the definitive paradigm for the future. PNT has implemented blockchain technology for some of the leading supply chains brands in the food business. Its blockchain solution – ‘BCXPro’, has effectively addressed critical concerns of traceability, security and immutability, with emphasis on full transparency. Thus enabling confidence and trust amongst stakeholders, while leveraging some of the other exciting benefits of blockchain as evidenced below.
- Secure, robust and verified end-to-end record of all parameters stored in an immutable and unalterable distributed blockchain ledger.
- Traceability of the provenance of the product offers complete visibility across all production and distribution points that allows –
- Easy and rapid check on the product’s origin, its processing and storage and sell-by date.
- Swiftly identify the batch and the retail outlet, in case of a product recall.
- Ensures product freshness and good quality by mitigating risk factors in real-time that make the product unfit for consumption, such as poor product quality, pest infestation, counterfeiting, fraud etc.
- Smart contracts that enable automated payments and also apply penalties against contract violations.
BENEFITS OF IMPLEMENTING BCXPRO
It is amply evident that blockchain technology is the unequivocal path to the future for the food supply chain, and the quantifiable points mentioned below cement the same. Batch recalls have shown a drastic reduction in response time making the process faster, efficient and reliable. For instance –
- Traceability of batch recalls reduced from 7 days to literally seconds.
- Labour effort required for batch recalls saved by 75%.
A whopping reduction of 99% in data validation time. Removing middlemen intermediaries from the process prevents extra costs, counterfeits or frauds and minimises product duplicity.
For more details on the benefits of blockchain in a supply chain model, you could contact Ms. Komal Sharma at Planet NEXTgen Technologies, through her email email@example.com Know more...