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With globalization, the food Supply chain has become more complex. Bigger volumes, more stakeholders, larger distribution channels, and legal and safety issues amount to a multifactorial management issue. With the implication of Blockchain in supply chain management, data can be accessed through its decentralized ledger system providing transparency throughout the supply chain.

The food safety challenges, hygienic practices and the aflatoxin and pesticide issues are impeding exporters to satisfy the requirements of destination markets for spices. Traceability in the spice value chain is the solution to boost consumer satisfaction and enhance the sustainable growth of the spice sector. Digital platforms capturing the barn to bottle story of these spices will bring visibility and transparency to these value chains.

Food Waste is a major contributor to greenhouse gas emissions that impact climatic changes. Blockchain technology will usher in a new era of food traceability, which could go beyond addressing food safety issues by driving sustainability with reduced food wastage and lowering the inefficiencies and costs of food supply chains.

In order to have a global presence, India’s food supply chain needs to be agile, adaptive, and efficient. Digitization of the food supply chain is inevitable to optimize supply chains. Streamlining of processes, improvements in cold chain infrastructure, and complying with regulatory standards should be able to redefine supply chain management.

According to the Grocery Manufacturer’s Association, an average recall costs $10 million and takes 14 days to identify and 34 days to enact, and by this time only 40% of the products can be collected. It is the brand’s responsibility to remove the product from circulation and prevent foodborne illness. Blockchain technology aids in better recall management.

Coffee is among the top traded commodities after oil. This is going to cause pressure on tropical forests and habitats. Therefore, in order to make it sustainable, the amount of greenhouse gas emissions needs to be measured at each stage. The biggest contribution of blockchain is the ability to measure carbon footprints along with IoT sensors and generate data that can be analyzed and aggregated.

Bengaluru-based startup TraceX Technologies has raised $1 million in pre-series A funding led by NABARD backed NABVENTURES Fund. The round also saw participation from Paipal Ventures, an early-stage family office investment fund, and from angel investor Sunil Kumar.