Our take: Consumers are able to verify the food they purchase is safe by viewing information related to the products’ origin and supply sourcing... | ------------
Global food giants and even governments have starting experimenting with distributed ledger technology, commonly known as blockchain, to provide end-to-end traceability of food products for the end user.
The key objective of most of these projects is to instill confidence in consumers.
The global market for blockchain in agriculture & food is projected to grow from $41.9 million in the year 2018 to $1.4 billion by 2028, growing at a CAGR 42.45 percent from 2018 to 2028, according to a recent market intelligence report from BIS Research.
Some of the notable initiatives to implement blockchain technology in the food industry are:
- UK’s Food Standards Agency trials blockchain technology -- In July 2018, the Food Standards Agency (FSA), the UK government department responsible for protecting public health in relation to food, successfully completed a blockchain pilot, marking the first time the technology has been used as a regulatory tool to ensure compliance in the food sector.
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