Blockchain technology has been around for some time now, but only recently has its potential use cases started to become widely acknowledged. The process of blockchain adoption is still in an early stage, which means that there are many opportunities for industries to apply the technology at scale.
While blockchain’s most popular use case remains cryptocurrencies like Bitcoin, the technology has many other applications, particularly in supply chain management. Blockchain can be used to create transparent and immutable records, which are accessible by everyone involved in a transaction. This could have a significant impact on industries such as ranching and agriculture where transparency is often lacking due to the nature of data collection methods employed by farmers and ranchers. Transparency levels can be improved with blockchain-based solutions that track the source of products being sold while ensuring that all parties involved in any transaction are aware of every single step included in that process.
A transparent supply chain is critical when it comes to food safety-related issues and while implementing stricter regulations has helped reduce rates of food contamination over time, there is still room for improvement. Furthermore, animal cruelty practices have also been reported numerous times around the world. In order to solve this issue once and for all it’s important that all stages involved in a product’s production cycle remain visible from start to finish so consumers have full transparency about what they are buying. Blockchain might prove instrumental for this due to its immutable storage capabilities combined with consensus mechanisms meant for trustless transactions between parties who do not know each other.
If implemented properly crypto-facilitated smart contracts could enable producers and suppliers alike both big or small to automate their processes down from identification of livestock up until presenting them at retail points without being exposed or susceptible fraud or interference along the way – giving customers peace of mind as they feed their families knowing everything was done right!