Food Supply Chain: Blockchain may be in the near future of restaurants
Blockchain has been a popular buzzword in and out of the food industry in recent years. While we usually equate the technology with Bitcoin and cryptocurrency, it holds promise for several other applications outside the financial world. Restaurant chains and grocery stores see a future for food supply chain blockchain technology. It can be used as a way to improve transparency, quality, and food safety.
What is Blockchain technology?
In layman’s terms, a Blockchain is a decentralized, distributed and public digital ledger in which transactions between two users belonging to the same network are stored in a secure, verifiable and permanent way across a network of computers. The blockchain ledger is created in such a way that the records cannot be altered retroactively without the alteration of all subsequent “blocks” and the consensus of the network. This allows the participants to verify and audit transactions quickly & inexpensively.
How can Blockchain technology be used?
Restaurants are starting to harness the power of Blockchain technology. Chains like Bloomin’ Brands are testing this technology in order to manage their supplies in the event of a food safety recall, while Sweetgreen is using this technology to track tomatoes it uses from farm to table. As you can imagine, there are many useable applications for this technology within the foodservice industry.
Is Blockchain technology useful to your business?
In addition to improving supply chain transparency and food safety, Blockchain technology can provide invaluable data and insights to help the food industry do its job better. What are your thoughts on this technology? Would it be useful in your business? Where else could you see this technology being applied in the restaurant industry?