Now, Bitcoin has some amazing advantages because it runs on the blockchain. However, it’s also the reason I hate it. Not because it fluctuates. Not because countries cannot decide whether they want it. And not because markets close and open daily depending on whimsical regulations enforced by different countries. But because bitcoins popularity means that many don’t know how useful blockchain technology is on its own and only run to Bitcoin to solve its problems.
Here is how blockchain can help.
A technology that has been used to automatically record the transactions of cryptocurrencies is now being implemented to ensure food safety. IBM has partnered up with leading retailers like Walmart to use the blockchain technology to enhance food safety.
What is Blockchain Technology?
Blockchain technology has been traditionally used to record the digital transactions of cryptocurrencies anonymously. Being an automated system, there are no chances of corruption or manipulation. The exchanges are recorded as blocks and available for everyone to see.
Based on blockchains, a number of projects have been already developed. For example, Etherecash is going forward with a project based on blockchain which links borrowers and lenders all over the world. You will also be able to transfer money and use their crypto-backed debit card for payments.
Bitcoin can okay a role here but one needs to understand that Bitcoin is only relevant when it comes to making payments. It shouldn’t take the charm off blockchain at all since blockchain is a lot bigger. Bitcoin is just a part of it and not the other way round.
The digital ledger can also be programmed to record the supply chain of anything of value. Recently, IBM and Walmart have joined hands to promote food safety by using blockchain to trace the food supply chain.
Blockchain and Food Safety
World Health Organization estimates that each year, 600 million people fall ill while 420,000 die from contaminated food and related diseases. Globalization has made the food supply chain expansive and difficult to trace. It can take many months to trace the source of contaminated food during which the disease and death can continue.
Blockchain can help reduce the time required to identify the contamination source and time with its effective recording system. Information about food products can be entered in the blockchain when they leave the farm and recorded at every stage of the food supply chain. Basically, the whole journey of the food products from the farm to the final retail outlet can be recorded with blockchain technology.
It will just take a few minutes to track the contamination source as the whole ecosystem is visible. Contaminated stocks can be identified and removed from the shelf so that foodborne illnesses can be avoided.
Blockchain can establish an end-to-end transparency and efficiency in the global food system and improve safety.