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Showing posts from December 21, 2017

How blockchain technology could transform the food industry

There has been a lot of noise on cryptocurrencies and Bitcoin of late. While some  suggest   cryptocurrencies are a fraud , others believe them to be the next  biggest economic revolution  the world has seen since the internet. Bitcoin has brought to light blockchain technology, which offers great potential for food safety and verification in the agrifood sector. Yet it is far from being the panacea for a range of issues affecting the industry—at least for now. Simply put,  blockchain technology  is a way of storing and sharing information across a network of users in an open virtual space. Blockchain  technology  allows for users to look at all transactions simultaneously and in real-time. In food, for example, a retailer would know with whom his supplier has had dealings. Additionally, since transactions are not stored in any single location, it is almost impossible to hack the information. For consumers,  blockchain  technology can make a difference. By reading a simple  QR