Blockchain is offering some exciting possibilities to enhance traceability for Food and Beverage Industry
Among the dizzying array of new technologies that are reshaping business today, blockchain is among the most intriguing. The theory behind blockchain is quite compelling. Networks of computers use consensus mechanism and cryptography to allow each participant on the network (or along the supply chain) to update a distributed ledger in a highly secure manner, without a central authority. For a hacker to breach one of the blocks in the chain would be difficult, but breaching all links in the chain at the same time would be nearly impossible. In private blockchain, this can be complemented by access rights rules defined by each participant of the blockchain based solution, so that it is difficult to access the data of the ledger without the proper access rights. Moreover, some blockchain technologies have ‘smart contracts’ capability so that defined rules can be executed on the data of the ledger, in a similar secured way. As a result, the level of trust built into such ...