University College London Research: Almost Half of All Blockchain Supply Chains Are in Groceries

Almost-Half-of-All-Blockchain-Supply-Chain-Projects-Are-Involved-in-Groceries

Something very curious about the blockchain technology is that when it was first created, nobody could guess how useful it would be for the groceries market. That’s right. Everybody was focused on the financial side, but most people didn’t pay enough attention to how useful the blockchain can be to track food.

Today, almost half of the supply chain projects focused on blockchain technology are for groceries, a new survey made by University College London has discovered.

In order to get to this result, the researchers investigated 105 projects. 52% of them, almost half, were focused on groceries while 17 were focused on fashion and 14 on healthcare. The other 41 projects were more diversified.

The ones that operate in other areas were mostly projects which were more related to actual functional specializations than industries or could be used in several different industries at the same time, which made it clear just how important using the blockchain to tracking food can be.

One of the main reason for the dominance of this specific industry is that clients are increasingly interested in having more information about the products that they are about to buy. Groceries that can prove that they are healthy are starting to get an edge in the market.

Several major companies are already using the technology for the benefit of their clients. Walmart and Carrefour are some of the big retail names using it so far and companies such as IBM are offering solutions in this area. Groceries is set to be one of the areas that will use the blockchain the most in the coming years.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Hank Klinger

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