As food security becomes more and more important to consumers, “blockchain” has become one of the hottest buzzwords in agricultural markets. Blockchain is a record-keeping technology that creates a public database. This database is constructed as a “chain” by linking “blocks” of digital information, which is shared securely across a network of computers.
How does blockchain technology work?
At each level of the supply chain, such as the grower, processor, manufacturer, shipper, or retailer, relevant information is pulled into the shared database. The network of users ensure consensus among stakeholders that the information in the record is accurate as each block in the chain is built. Data encryption and permissions guarantee the integrity and security of the stored data.
Blockchain Data at a Glance
- Database is created by bundling information into blocks and linking them together one after another.
- Each block contains a unique code as well as the unique code of the previous block in the chain, making the data blocks nearly impossible to decrypt
- Data is available only to authorized viewers, resulting in extremely high data security
How does blockchain technology benefit the food industry?
Many large food and agricultural companies are adopting blockchain technology as consumer demand for traceability of food sources and practices increases. Consumer confidence grows as customers have access to information about where their food comes from and are assured that their food was produced using good stewardship practices.
If an issue arises with a food product, blockchain can dramatically reduce the time needed to pinpoint the source, minimizing potential damage to consumers’ health as well as the brand’s image.
Because data is encrypted and all changes to the record must be approved by all stakeholders, blockchain technology makes it impossible for a user to alter recorded data.
The level of visibility that blockchain provides into the complex steps of the supply chain helps to meet the increasing consumer demand for more information about the food products they buy and where they come from.
FamilyFarms Group Seeking Partners for Blockchain Pilots
FamilyFarms Group is proud to collaborate with blockchain pioneer Agralogics, Inc. in a pilot to investigate blockchain’s potential for building a trusted brand. Agralogics, Inc. will work with FamilyFarms Group members in one of the first case studies in the country to illustrate blockchain technology use in the row crop farming market segment.
FamilyFarms Group plans to be at the forefront in application of this technology, establishing and strengthening its reputation as a trusted brand. The company is seeking additional farms in the food supply chain to participate in the pilot program this upcoming growing season. Please contact FamilyFarms Group for more information about participating in the pilot program!