The online public ledger is becoming a popular tool for transparency, as retailers feel pressure from consumers to prove their products come from a sustainable source
London, UK (CNN Business)Do you ever think about where your food comes from? Or whether your coffee was harvested by someone who was paid a fair wage?
These are questions that blockchain can help answer.
Consumers are becoming more interested in where their food comes from, and how it is packaged. Many people are even changing their shopping habits based on that information.
Blockchain can help track the production of consumer staples across complicated supply chains, giving consumers the data they need to make informed choices.
The online public ledger creates a permanent and unchangeable record of transactions. Each transaction is time-stamped and linked to the last, so that it can’t later be altered.
Traceability also means accountability, because blockchain can give a tamper-proof guarantee of a product’s origin.
This is crucial for products where food fraud is common, such as olive oil, which the European Commission has marked as a major target for fraudulent activity.