“The world is changing… blockchain is really the only way to go,” Steven C. Lupien, President and Co-Founder of BeefChain
Food traceability has become a priority in the food industry, with consumers demanding healthier products combined with various GMO free, hormone free and grass-fed attributes. Once a food-related health risk is discovered, companies and governments alike struggle with the repercussions. Take, for instance, the 2006 U.S. spinach and E. coli outbreak. Trying to trace the cause of the outbreak through the supply chain from retailer to farmer involves a lot of work, including for regulators. And in turn, it devastates public trust in the supply chain.
Not only does the reputation of a particular product or company plummet, but the mishandling of food traceability could also be devastating for the company. Peanut Corp. of America (PCA) no longer exists due to their part in “one of the most massive and lethal food contamination cases in the U.S.” according to Food Processing magazine. It’s estimated that the cost to the industry was $1 billion in lost production and sales, and ultimately, one of the executives ending up in jail for 28 years.
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