Blockchain: What’s in it for the Retail and Consumer Packaged Goods Industries?
The food industry today is worth $ 1.5 trillion, and every one of the 8 billion people on the planet is a consumer of this industry. In the recent past, the food industry has witnessed a number of problems, with fraudulent and spurious products entering the food chain. As a trust based technology, blockchain lets us make the supply chain transparent. Blockchain can positively benefit the retail and CPG industry by ensuring food traceability and facilitating micro payments. For example, a potato farmer can now easily share data all the way up to the manufacturer of potato chips, and then on to the retailer in a strong environment of trust.