The food industry could save up to $31 billion in global fraud savings past tracking food on its way from farms to consumers via the blockchain.

A November. 25 study by Juniper Enquiry reveals that blockchain technology, in combination with Net of Things (IoT) sensors and trackers, will greatly reduce retailers' costs by streamlining supply bondage, while simplifying regulatory compliance, offering more efficient nutrient recalls, and tackling fraud.

The written report points out that the increased adoption of blockchain and IoT in the supply chain manufacture will add together significant value to the nutrient business concern'southward supply chain. By stacking these innovative technologies, the nutrient industry could stack up to $31 billion in nutrient fraud savings in but 5 years. Research author Dr Morgane Kimmich said:

"Today, transparency and efficiency in the nutrient supply chain are limited by opaque data forcing each company to rely on intermediaries and paper-based records. Blockchain and the IoT provide an immutable, shared platform for all actors in the supply concatenation to rails and trace assets; saving fourth dimension, resources and reducing fraud."

Juniper's research further shows that substantial savings in nutrient fraud can be realized as early as 2022, while compliance costs reportedly can exist reduced 30% by 2024.

Blockchain tech for the food and beverage industry

Blockchain and IoT, which each bring their respective strengths, continue to exist adopted by the food and beverage industry. Over the by few months, a variety of players, including giants like Nestlé and Carrefour, have reported on their blockchain-powered initiatives inside the field.

The well-nigh-adopted blockchain tracking solution within the field is IBM's Nutrient Trust, which is based on the Hyperledger Material blockchain protocol. The platform went live in October 2022, "millions of individual food products" were reportedly tracked by retailers and suppliers using the Food Trust blockchain.

Most recently, it was reported that salmon farming company Cermaq and smoked salmon producer Labeyrie were using IBM's cloud blockchain technology to trace their product supply chains..