Blockchain To Boost Dairy Industry
By Kapil Rajyaguru
The size of the dairy market in India has reached Rs.14899.8 bn in 2022 and is expected to reach Rs. 31185.7 bn by 2028, exhibiting a CAGR of 13.2% during 2023-2028.
Various cases of dairy product contamination and adulteration are daily reported from numerous parts of India, suggesting the absolute need for an upgraded decentralized supply chain model. A country such as India cannot afford to malnutrition a large population of its children by allowing them to consume contaminated and adulterated dairy products.
To resolve aforementioned problems, blockchain-enabled supply chain platform is the right solution for the dairy industry.
Blockchain has the ability to transform traditional supply chains into decentralized, robust, transparent, tamper proof and sustainable supply chains with economic viability.
Blockchain enable dairy supply chain platform combines the use of smart contracts, quick response code (QR code) technology, and IoT and has the potential to redefine the dairy supply chains on socio-economic, operational and sustainability parameters.
Let us have a look at the top five key focus areas within the dairy industry where blockchain technology can be introduced.
1. Food and Dietetic Security
Blockchain can precisely track every batch of milk in the supply chain. In the event of dairy product borne illness, blockchain makes it easier to figure out the faulty link.
2. Wasted Product
Blockchain allows for the avoidance of bulk recalls of a whole product line, reducing waste of dairy products and overall financial costs and the impact on brand image.
3. Collaboration
Blockchain serves as a ‘trusted third party’ because it is a distributed and decentralized ledger. It enables all the players in dairy supply chain from dairy farmers to end users to securely communicate and allowing them trace a product from start to end and assure compliance.
4. Transparency
Blockchain allows consumers to learn about product’s entire history as well as proof of quality. Complete transparency makes customers more inclined to buy that product than others.
5. Reassurance
Blockchain enables certificate verification by providing necessary data to independent certifying bodies. Certificate becomes easier to obtain and becomes more relevant to the customer.
Conclusion
The implementation of blockchain in the dairy industry makes sure that consumers trust the products, which increases demand for the products and reduces the chances of adulteration.
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