Blockchain or Bust for the Food Industry? NCFM Research Published in Food Science and Technology Journal
Tom Hollands, Wayne Martindale, Mark Swainson and John G. Keogh explore the benefits and pitfalls of Blockchain.There has recently been a wave of enthusiasm for applying Blockchain technology in the food sector. This article aims to clarify many of the questions surrounding Blockchain technologies, in particular:
Is Blockchain the future for the food industry and therefore does my company need a Blockchain?
Traceability has been achieved for many years using systems that connect core business processes with strategic management of product and supply chain data, namely Enterprise Resource Planning (ERP) platforms. Companies must determine what Blockchains can offer that is different from existing ERP systems and what is the value of using them. Working within a secure cloud platform is mainstream today but this was not the case five years ago. While ERP systems have significant benefits that can be realised, they are often very expensive to implement, with the cost of implementation linked to the operational complexity. The full costs can range broadly from £150,000 to £1,000,000+ and therefore are prohibitive for many SMEs, which make up 96% of the UK Food industry.
Read the assessment online: Blockchain or bust for the food industry? | Food Science and Technology