Juniper Research has released new research data revealing that the food industry could save as much as $31 billion in food fraud costs by 2024, thanks to blockchain technology and the Internet of Things (IoT). In a press release announcing the findings, Juniper noted that emerging technologies will offer these savings through more efficient tracking of supply chains and simplification of regulatory compliance.
According to the findings, contained in Juniper’s Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030 report, combining blockchain with IoT tracking and sensor technology can streamline supply chains, reduce costs by eliminating some third-party intermediaries, and provide real-time information access to every player in the food supply chain process – from farmer to retailer.
The study's author, Dr. Morgane Kimmich, described the important role these new technologies will play in the evolution of the food industry:
“Today, transparency and efficiency in the food supply chain are limited by opaque data forcing each company to rely on intermediaries and paper-based records. Blockchain and the IoT provide an immutable, shared platform for all actors in the supply chain to track and trace assets; saving time, resources and reducing fraud.”
To realize these benefits, the researchers suggest that blockchain solution vendors “seek IoT partnerships to appeal to stakeholders across the food production market.” Juniper also cited several examples of major firms that are combining blockchain and IoT to provide services for the food industry, like IBM, SAP, and Oracle.