“Blockchain combined with AI-powered analytics helps forecast demand trends, allowing businesses to better align supply with consumer needs”, Aaron Loo, Chief Innovative Officer at The Growhub, said. “Distributors and retailers can make data-driven inventory decisions, reducing the risk of over-production or under-utilization of products by monitoring and analysing the movement of goods in real-time, identifying inefficiencies and bottlenecks that may result in undesirable spoilage or waste” The company has introduced blockchain-powered platforms that facilitate precise tracking of food distribution, ensuring products reach consumers promptly and in optimal condition.
Beyond knowing where your food comes from, increased transparency and traceability can save lives. Each year, nearly one in 10 people worldwide suffer from food-borne illnesses, with close to half a million fatalities, according to a World Health Organization report. Enhanced traceability enables faster food recalls and quicker identification of contamination sources, reducing health risks and preventing further harm.
