It’s now the time to add value for cocoa supply chains right with the embracement of blockchain technology for chocolate Supply chain solutions of Tracefood…
Every business has sustainability claims to get into the enormous name and fame altogether with huge profit generation, and the cocoa supply chain is not an exception for this. In the olden days, companies that make those sustainability claims use to get support from certifications and audits that account only for the validation of a considerable range of suppliers. But now with the increase in demand, those traditional practices are not proven enough to obtain end-to-end traceability with the supply chains. Also, the need for suppliers is huge these days and so that it seems impossible to source out absolute traceability with a system holding some thousands of suppliers in its operation.
So, what can we do to get improved sustainability?
Yes! We obviously need to bring 100% transparency in this case and this is where the technology primer blockchain finds its significance. The blockchain technology for the chocolate industry holds the actual potential of bringing utmost traceability within the cocoa supply chains free of hassles. Come; let us explore how….
‘Utilize blockchain in cocoa supply chains as a means of tracing products right from the production to the supply’.
Today, the chocolate consumers are very much concerned about getting the original information corresponding to the origin and processing of cocoa products until they reach the end-users.
As the supply chain operations involve a lot of data right from the production of products to their supply stages, they need to be kept safe for future reference and this is obviously a tedious task to do. We may keep a small amount of data safe and secure and make it accessible for any time in the future. But that is not at all easy when it comes to the management of a huge quantity of data to keep over.
Then how cum can we make it happen? We can certainly make it right with the implementation of blockchain for cocoa. The public ledger of blockchain can make it easier for the supply chain stakeholders to keep their sensitive business data safe and transparent to all the participants of the network, thus making the entire chains get rid of fraudulence threats as much as possible. This could, in turn, pave way for bringing up 100% efficiency in the value chain altogether with greater sustainability ever.
If you think about what actually is the problem with supply chains today, then you might end up with the aspect of facing difficulty in getting access to the right set of accurate data. Yet, we could overcome this challenge right away by having some actionable insights. Here is where the blockchain Technology for the chocolate Supply Chain Industry comes in, and it works in bringing real-time results by making the data verifiable across the supply chain network.
Thus, blockchain serves as the technology to innovate the cocoa supply chains by meeting consumer demands like trust, security, privacy, transparency, and traceability exactly with no deviations.
Real-time applications of blockchain in cocoa supply chains:
- Traceability and transparency:
The major aim of implementing blockchain in cocoa supply chains includes the information exchange or transfer and the validation of cocoa products for ensuring safety. Each and every participant of the blockchain network will be provided with a copy of the public ledger constituting the overall information of the product flow within the chain. Any new modifications in the data as well are made open to all the participants, thus making the system completely transparent for the users to track and trace products to source out their origin. This helps in minimizing the requirement of trust within the system, thereby automating it for better trust ever. Thus blockchain can make a supply chain trusted, transparent, and traceable forever.
- Make the cocoa farmers thrive in the industry:
Blockchain helps the cocoa farmers in strengthening their positions in the industry. It permits them for having direct access over the international cocoa market by warding off all the intermediaries from the cocoa supply chains. This makes them to get updates on the market prices of cocoa products frequently from time to time. This in turn paves way for them to gain the necessary bargaining power in the market and to make the profit they deserve.
The farmers can even make trades online nowadays and this is made possible only by blockchain intrusion. Yes! while making online trades, the farmers can be allowed to choose the customers they wish to sell their products for some set rates and can pick the best-suited products for purchase at the lowest cum affordable rates. This is how the blockchain for cocoa favors the cocoa farmers in stabilizing their presence across the global cocoa market.
In addition to being the protocol for traceability, transparency, trust, and sustainability, blockchain makes it act as a perfect tool for marketing. It could help the companies attain the targeted reputation levels just by furnishing an innate level of trust and credibility to the supply chain operations, thus boosting up the brand’s loyalty to some extent as required.
Blockchain Technology for Chocolate Supply Chain is found to optimize the cocoa supply chains for a new era of gain in terms of growth potential. Hence its adoption would be the right choice for you to manage your supply chains efficiently with ease. The digital revolution made by businesses in recent years has brought this wonderful traceability solution to the world of supply chains, thus making them sustainable forever.
Say thanks to the rise in digitization, so that we would be able to explore more in relation to the same in the upcoming days.
Tracefood, a leading food traceability firm can help you as well in doing so if you make an approach to bringing up ultimate traceability with your business supply chains.