Could Blockchain revolutionize the pet food industry?

The food industry is vast and has complicated processes due to number of stages/ vendors involved. Blockchain will relieve the pressure reduce the encumbrance and there will be significant increase in production with efficient payment process ultimately reducing costs.

Markets projection of the pet food processing equipment likely to reach US$4.27 billion and the Global pet processed food may near US$73 billion by year 2022. With the consistent growth at 5.6% pet food industry needs to invent new ways and take support from the technologies like IOT and Blockchain to sustain the competition and meet the demand.

Blockchain is a distributed, decentralized, public ledger that is open to all the parties involved. Blockchain will transform the customer experience in industries like Advertising, Healthcare, Food, Financial Services, Publishing, Car Rentals, Real Estate, Music, Recruitment, Fishing, Energy, Share Trading, and Supply Chain Management etc.

Pet food is available on the sites like Amazon, Chewy etc. the industry is all set to launch new products using this selling platform, yet it needs to be ready to face competition from the e-commerce sites, which are introducing their own pet food brands.

Issues prior to Blockchain and Solutions available:

• Food Quality: Pet food supply chain was contaminated; use of fouled ingredients, presence of grains and wheat gluten etc. was causing kidney failure and deaths in pets in North America and Europe. The use of advanced technology like adopting IoT and blockchain technologies, companies can achieve a greater level of assurance for the quality to satisfy the growing pet food supply market.

With blockchain technology, the suppliers and buyers can substantiate the quality of ingredients used in the pet food; this is possible throughout the supply chain. The smart contracts are transparent enough hence cannot be manipulated by anyone, ensuring the food quality eliminating the concerns.

• Save Food: The preservation methods are important in the supply chain due to the time consumed for pet food manufacturing to customer delivery or availability at stores. With centralized blockchain, and the middlemen removed, resulting in shortening the supply chain is saving the food from spoilage.

• Agriculture: The growth of agriculture with use of technology like IoT in recent years has started playing role in cropping and growing of almonds and hazelnuts, tree nuts etc. Identifying and addressing the need to monitor while growing. It keeps check on watering, checking the harvesting condition; watch and adjust the growth cycle, to improve the crop yields most importantly track the supplier quality. The web based, and mobile based apps make the control easier and the accessible remotely from anywhere in the world.

When IOT combined with blockchain technology, it empowers the buyers like pet food manufacturers to track the quality of pet food right from growing, harvesting till packaging. The nutritional values well monitored for each ingredient along with the growing conditions met as per specifications in all the stages throughout the process.

• Food Safety: All activities from beginning till end output; can be tracked and verified easily to ensure the quality and delivery throughout the blockchain. Any changes to the product at any stage in the process, are identifiable thus corrective actions can be taken instantly, tracking and visibility available due in blockchain this will revolutionize farming and incorporate food safety as per compliances.

• Evidence of Malpractice: Blockchain and IOT technologies keeps a record of each and every stage will the goods reach the buyer, apparently allowing the marking of place and time where the negligence is and highlights the data to control the situational impediments. The growers, packers and suppliers none can deny the failure to follow the defined process. The evidence allows rectification and makes it easy to take actions against the deception.

• Data Security: Generally, the data editing is major concern for loss of data or unauthorized modifications, but in a blockchain that is like an append-only transaction ledger where in you can enter new information but cannot replace or delete the previously stored information. Data security and strictly followed process ensures the quality and content of pet food.

• Transparency: The long supply chain creates the loose grip over the quality and content creating need of transparency in the business. Appending data activity is decentralized hence; no single entity can take complete control over the information on the blockchain making it trustworthy as the changes and updating happens with agreement of many entities. The feature that allows exercise of control is that the transactions recorded in the chain can be published and made visible to all the parties to verify that mentioned stages which are entered in the ledger it actually was as per the specific requirement of buyers.

• Ownership: Prior to blockchain, the ownership, and responsibility being perplexed businesses incurred losses. The data entered for pet food packaging and delivery during this complete process, from beginning to the end, all parties in blockchain are jointly responsible. It builds trust that is must in any business. The transfer of files and data to unauthorized people is no more a concern as the information is accessible to every concerned person. Blockchain is the very first and unique technology that enables the transfer of digital ownership in a decentralized and trustless manner.

• Tracking Costs: The buyers tend to pay for increased costs over goods, with the blockchain technology, this analysis is possible. Which stage and process are adding value, and which is adding unnecessary costs can be recognized and managed to benefit the business.

• Speeds up Sales Cycle: Blockchain speeds up transactions with guaranteed faster delivery to buyers and speedy payments to suppliers receive payments as soon as these contracts fulfill. The procurement logistics simplification allows the buyers to track all ingredients from source to delivery.

Pet food is healthier and safer, the efforts and diligence will come forth with the help of blockchain, helping companies to keep their commitment of quality and freshness of pet food. Not only the pet food manufacturers but also the pet owners assured that they are providing food full of nutritional value to their pets, increase in sales is obvious.