Changes in technology push the boundaries of what’s possible. Nowhere is this more evident than in the realm of computing power and data: Starting with blockchain.
You can’t buy blockchain at Ace Hardware, Bass Pro, or Tractor Supply. You can’t even buy it on Amazon. Blockchain isn’t a physical product. Blockchain is a technology advancement in the way (certain types of) data points are captured, stored, transferred, and accounted for.
Blockchain technology is most widely known as the technology foundation that digital currencies are built on. There’s a burgeoning industry of engineers, analysts and financial products growing around the “cryptocurrencies”. (If you want a fascinating rabbit hole, google 2017 Bitcoin market.)
But our interest is not in the novelty of blockchain technology. Our interest is in the impact this technology will have on the food industry, specifically the meat value chain.
Companies like Cargill are trying to lead the way in unlocking the potential of blockchain to create value for consumers. The Wall Street Journal recently covered Cargill’s aggressive initiative to “bring the digital supply chain to life” from turkey farm to retail consumer.
Can you imagine picking out a turkey for Thanksgiving dinner by accessing information about that specific bird in that specific plastic bag all the way back to the farm where the bird was raised? The mind boggles. And yet, this will soon be reality.
Here’s a look at 3 problems in the meat value chain that blockchain could help solve:
Blockchain has the potential to transform the way information flows through the supply chain and therefore how VALUE flows.
This article was originally published on Meatingplace.