Why is NEM Blockchain the Future of Food Industry?

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When Bitcoin made headlines all over the world, blockchain, as the platform utilized in recording bitcoin trades, also emerged to the scene, with many industries seeing its potential to innovate and improve payment transactions. In reality, blockchain offers capabilities beyond what it has been known for.

NEM is a leading blockchain platform trusted in the cryptocurrency industry, having acquired numerous enterprise use cases, making it unique and outstanding from all others. It offers quick payment transfers regardless of location, and does not only deal with cryptocurrency or tokens, but also with transfer of files, documents, contracts, and more.

With these said, NEM blockchain has a wide-range of capacity as a technology and can be utilized in whatever business or industry––including the food industry.

HOW BLOCKCHAIN CAN IMPACT THE FOOD INDUSTRY?

Due to the capability of the NEM blockchain to be an incorruptible storage for information, it can significantly affect the supply chain, which is an important component of the food industry.

Some distinct features of the NEM blockchain that the food industry can benefit from:

Transparency

Data uploaded through the blockchain network can be accessed by everyone. All details involving the process of food production, such as ingredient supply, quality assurance, and consumer sales, can be easily and immediately recorded and made available to stakeholders.

Advantages:

Problems such as product contamination, delays caused by expiration, etc., can be easily identified and resolved
All involved parties, from the supplier to the distributor, will not be able to alter products or provide fake goods

Traceability

Blockchain can make tracking of food products more efficient, from the first to the last step of the process. It has the capability to record information such as the origin of ingredients, consumption of supplies, and so on.

Advantages:

If products are found to be harmful due to expiration or substandard production, this can be easily traced, providing a high assurance of quality service/products
Human errors can now be easily corrected

Speed and Security

Blockchain can also verify and validate data. When applied to the food industry, it can ensure seamless processes of goods from origin to destination, creating a process that is more secure.

This kind of platform is sure to benefit countless people, businesses, and industries for generations to come.


About the NEM Blockchain Platform

NEM is an out-of-the-box enterprise-grade blockchain platform which launched in March 2015. NEM has industry leading blockchain features that include: multisignature account contracts, customizable assets, a naming system, encrypted messaging, and an Eigentrust++ reputation system. Companies with legacy systems can “plug ‘n play” with NEM.

About the NEM.io Foundation Ltd

NEM.io Foundation is registered in Singapore and is operating globally. It was launched to promote NEM’s blockchain technology worldwide. It is one of the most well-funded and successful blockchain technology projects in the cryptocurrency industry.

Website: https://nem.io
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Reference: MEDIUM, EWN

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