Bringing blockchain into the table
Last month, I shared a story on my LinkedIn about Crypto Kitchen — the first restaurant in Rio de Janeiro that incorporates blockchain technology by accepting crypto payments, promoting educational information about crypto and allowing customers to purchase NFT art from Brazilian artists.
Blockchain is a promising technology with multi-dimensional benefits and a powerful catalyst for change in the food industry. From improving supply chain tracking and streamlining payments and contracts to creating engagement opportunities with customers and tracking operations.
In this article, I will provide an introduction to blockchain technology, share industry case studies and explore implications and considerations for food businesses looking to adopt this technology.
What is Blockchain?
Blockchain is a database system or digital ledger that records data and tracks assets in a way that allows multiple individuals to confidently share access to the same data in real time. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding).
Virtually anything of value can be tracked and traded on a blockchain network while mitigating concerns around security, privacy and control (adapted from Accenture and IBM). The technical design of blockchain makes it virtually impossible for anyone to alter the ledger without approval from the other parties.
Usually, this is how blockchain transactions happen:
1. Record the transaction as a ‘block’ of data: the block of data will record the movement of the asset with information, such as who, what, when, where, and how much.
2. Each block is connected to the ones before and after it: each block of data will form a chain as the asset moves from one place to another or the ownership changes. The blocks securely link the data, providing the exact time and sequence of transactions and preventing the blocks from being altered or changed in…