How Blockchain is useful for the food industry and restaurants?
Blockchain is a ledger, similar to that of collection of financial records already used by businesses. But it’s not restricted to financial information, debits and credits. Instead, in this ledger, almost any kind of data can be recorded and stored.
Blockchain technology has started to pave its way into almost every industry to make their process more efficient and to cut down costs. Every industry that involves in the manufacture and supply of products can benefit from Blockchain technology. It stands out providing unique opportunities for the food industry, from the customer experience to supply chain sourcing to financials.
Here’s a look at how Blockchain is useful for the food industry and restaurants.
Guaranteeing Food Quality
Trust is more important in the food and beverage industry because they directly deal with the physical and emotional state of people. Solutions provided by blockchain for food and beverage helps to ensure that this trust between food producers and customers does not get damaged.
Farm-to-store tracking of food using blockchain helps to effectively eliminate food fraud. Food fraud is defined as the deliberate and intentional substitution, addition, tampering, or misrepresentation of food products for economic gain.
In the process of Farm-to-store tracking of food using blockchain, all the data such as farm origination data, factory conditions, batch numbers, expiration dates, storage, and shipping data, etc., that involves in food manufacture can be added to a batch of food items. This makes it easier for the end consumer to see how their food was produced and how it has traveled. Consumers are therefore more likely to feel that their food is safe.
Proficient Supply Chain Management
Blockchain can improve every aspect of the supply chain system as storing all the supply-side information /data on the blockchain makes it tamper-resistant. Most of the companies are lose multi-billion dollar every year in the manufacturing, transportation and vending of goods from inefficiencies in the supply chain system. Blockchain allows companies to track and authenticate their shipments data at every stage while reducing the overall transportation cost.
Payments in Restaurants
Restaurants are already moving to digital payments like credit cards and other third-party payment apps. But, the problem with this move is more expensive of doing the transfer, ranging anywhere from 2-5%. These expenses are caused due to the amount of customer support that third-party companies have to deal with. It is almost always paid by the restaurant owner. Contradictory, all payments made via the blockchain are irreversible, and therefore there is no need for any of the customer support. All of these benefits of blockchain lead to cheaper & safer transactions.
Fake reviews are a problem for both restaurants and customers. Because reviews can be written by anyone without knowing their identity, it’s difficult to know which comments are honest and which are dishonest. Providing the cash rewards for customers with crypto-currency tokens for contributing quality reviews on restaurants can counter fake reviews, encouraging the users to provide quality reviews. Since, these reviews are stored in a blockchain, they can’t be altered, moreover users and restaurants can’t delete or create new accounts to erase bad reviews. It leads the restaurants to enhance their food quality and customer service.
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