Companies should prepare for every action or inaction to be closely scrutinized. More can be done to equip companies with real-time traceability of products within global food supply chains. Blockchain, a type of distributed ledger technology (DLT), has been increasingly gaining market traction in supply chains—for example, in proofing product provenance and implementing track-and-trace of products through the supply chain. While blockchain alone does not solve traceability, it can be a gamechanger. When implemented effectively, it can connect and enable efficiency, transparency and accountability among participating actors. Better and more reliable data can help optimize business decisions and reach higher standards for production, efficiency and sustainability.
In general, companies do not know enough about the products that they buy and sell to navigate the many complex challenges facing today’s global supply chains (e.g., safe, sustainable and ethical). Some companies are realizing the business value of traceability for efficiency, cost savings, and achieving product premiums in the market. However, they must first overcome the mistrust associated with validating claims of product identity and traceability. Companies should prepare for every action or inaction to be closely scrutinized.