Experts warn food fraud costs the global food industry up to $50 billion annually and endangers consumers.
Blockchain technology is emerging as a solution to combat counterfeit and adulterated food products. This technology can record and secure every step in the supply chain.
Walmart's use of Hyperledger Fabric reduced tracking times for pork and mangoes significantly. This allows for immediate detection of issues.
Implementing blockchain requires substantial investment in software, hardware, and training. Challenges include sensor reliability, oracle security, and regulatory clarity.
Pilot projects are underway, involving farmers, distributors, and retailers. Governments are considering food traceability regulations.
Blockchain's success hinges on addressing cold-chain gaps, data silos, and regulatory clarity. It also requires investment in robust sensors, secure oracles, and strong partnerships.