Report: $300B Worth of Food Will Be Traced Using Blockchain and IoT by 2027

Blockchain technology and the Internet of Things (IoT) can solve some of the food industry’s most pressing challenges and save it $100 billion a year, according to a recent report by Cointelegraph Consulting and VeChain. The lack of transparency and accountability in the global food industry’s supply chain costs billions of dollars annually.

Tracing items along the food supply chain using blockchain is one of the better explored use cases for the technology, with IBM leading the way as a service provider, and many global industry leaders like Walmart, Carrefour, and California Giant Berry Farms, joining the party. The report also explores several well-known use cases of blockchain technology in the food industry.

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