A study predicts a global revolution in the food sector

By 2024, the global food sector is expected to save $ 31 billion (about AED 114 billion) in losses from fraud and food fraud, as well as delays and manipulation of bills and financial records traded across the supply chain from farm to shelves. Grocery stores and retail chain stores, after expanding the deployment and adoption of sophisticated supply and supply systems, which rely entirely on the technology «block chains» or «Block Chain», and «Internet of things» within the chains of production, supply, distribution and retail food .

The study was published in the June 30 issue of Juniper Research in the United Kingdom and published a summary of its findings in a statement on juniperresearch.com/ press / press-releases. IoT systems in food and retail, and the future effects of these technologies on the full details of the food journey from farms to factories and shelves.

Food revolution

The study found that the use of block chains and IoT systems to track the journey food takes from farms to grocery shelves would revolutionize the food industry, and reduce retailers' costs by simplifying supply chains and simplifying regulatory compliance. Morgan Kimmich, an analyst at Juniper and one of the authors of the report, said it was often a matter of wrongly labeled, diluted, or substituted substances and ingredients that gave consumers the impression of a certain quality of a food item, but that was not the case. The packs of olive oil are from «extra virgin olive oil», originating from Greece, while the packaging may come from elsewhere, and carry different specifications and quality of food.

He explained that if relying on the technology of the chains of masses and «Internet of Things» systems, such a thing can not happen, as all the details of the journey of the product, from planting olive bushes, until the arrival of oil to the shelf, are fully registered, open Change and can be accessed by all parties involved in full transparency.

Databases

Block-chained technology means distributed databases that maintain a list of constantly growing records, which are protected against tampering and auditing. Each unit has a time stamp and is associated with its predecessor and suffix with a distinctive link, eventually forming a 'chain of blocks', allowing any combination of Participant users In the General Electronic Professor, and engage in joint financial payments all the time.

Save Mali

The Juniper study confirms that with the increased adoption in the food supply chain industry, mass chains and IoT systems will provide savings of $ 31 billion in global food fraud by 2024 through food tracking. Immutable across the supply chain.

The study predicts that savings in the global food supply chain will start from 2021, and cost reductions will accelerate to as much as 30% as early as 2024.

The study is based on these projections that food tracking systems currently rely heavily on paper-based transactions to track assets manually throughout the supply chain, which is ineffective because it allows records to be lost or not settled in a timely manner, and records cannot be shared. Paperwork among all supply chain users, which reduces the overall visibility of the supply chain details by participants in this activity.

Companies often have to rely on intermediaries to perform these tasks, all of which add a level of complexity to the supply chain, which is ultimately reflected in an increase in waste, waste, and fraud. In the case of block chains and IoT systems, Private or “permitted” block chains within the walls of a single company, or between an unlimited number of trusted parties involved in a supply chain, and centrally manage them, while retaining control over who has access to information on the network. Business partners, such as «cloud vendor »A financial services provider and its clients.

«Reliable Food» Initiative

The study cited several notable success stories that are making rapid progress, including IBM's US initiative: Reliable Food, which provides supply chain solutions based on block chains, artificial intelligence and Internet of Things systems, and has attracted 188 food production enterprises so far. Around the world, including big names like Nestle, Tyson Vozds, and Golden State.

SAP, an enterprise resource management company, is deploying mass-chain and Internet of Things (IoT) solutions, which are joined by companies operating in 565 food products and dealing with about 70 percent of the US market.

Starbucks and Microsoft

Microsoft has formed an alliance with the famous Starbucks coffee shop to build a chain of chain supply chains designed to track coffee beans from farms to stores, and to create a mobile app that allows customers to track the supply chain journey of the beans they buy and the coffee they drink. Currently, 12,000 people, representing 10% of Honduran coffee farmers, have joined these systems and aim to cover the entire coffee production in Honduras by April 2020.