Food fraud costs $50B yearly — Can blockchain stop it?
Blockchain has already played a role in protecting consumers against food fraud, but there are lessons to be learned before it starts to truly pay off.
Food fraud siphons up to $50 billion from the global food industry every year and endangers public health. When deployed rigorously and realistically, blockchain could prevent this shadowy crime.
The problem? It comes with a high price tag. Scalability, cost, interoperability and integration pose significant barriers. Not to mention the privacy concerns, regulatory uncertainty and long path to stakeholder adoption.
But food fraud isn’t going anywhere. As David Carvalho, CEO of Naoris Protocol, observed:
