Blockchain is an invented technology
Blockchain is an invented technology that deals with storage and sharing of information with a network of users in a computer-generated space. The bitcoin technology has shed some light to the food technology which aims to provide food certification and safety. The platform permits its users to check all transactions sequentially and in real-time. Retailers can use blockchain in assessing whom their supplier has had transactions and thus, aid in preventing frauds. Majority of supply chains, healthcare services, financial and government industries are exploring ways of integrating blockchain to interrupt and change the traditional models of business. Blockchain empowers the whole chain to be responsive in solving food issues such as food safety disasters. Major organization such as Unilever and Nestle has considered blockchain for its efficiency, food safety, fraud-free and data safety.
Many industries have already integrated the tool especially the retailers who have witnessed significant benefits. For instance, blockchain enhances security as transactions are agreed before the agreement is written and signed. After the transaction is agreed, it is encoded and then linked to the previous transactions. Also, the information in blockchain is stored across a huge network instead of a single server. The network of computers used in blockchain makes hacking difficult and thus the transaction data cannot be compromised. In food industry, protecting transaction data is important and an opportunity to transform how critical data and information is shared and preventing fraud and unauthorized access. Blockchain can be used by retailers and manufacturers to carry out fair and responsible transactions. If a company accepts to apply blockchain in their activities, it is signing up for a successful collaborative endeavor. This is because the huge part of the agreement involves facilitating trust between the involved parties, in private and public sectors with the government agencies, regulators, partners, the competitors and even the industrial organizations. Also, the knowledge of blockchain enables organizations in identifying and realizing the value of new models in business. The tool is essential in empowering partner organizations and private contributors.