Ever wonder what is really in your food or how long the produce has taken to go from farm to your shopping basket? Is that jar of Aussie honey really ALL Aussie honey or a blend with cheap imported honey?
Well the control is about to be in your hands via Blockchain.
What is it?
In a nutshell, it is online technology that tracks and records information about products from start through production to delivery using technology that can not be changed nor corrupted. Blockchain uses cryptography so you know the records are true and cannot be altered.
How does it put control in the consumers hands?
By scanning products with your smartphone you will be able to see the journey it took to get to the shelf. With fresh produce, it will show the time from farm to basket and even if it had been frozen on its journey. It will quickly show where items are manufactured including fair trade products and organic accredited items.
Although Australia does have very stringent regulations around food labeling, embellishments, claims and liberties have been known to occur. The ACCC fined two separate companies more than $500K for mislabeling eggs as freerange. Last Thursday the ACCC urged businesses to review the country of origin labels on their products to ensure they comply with the Australian Consumer Law. With Blockchain, companies will be taken out of the labeling claims game and the product journey will be accessible by the scan of a barcode.
This is great news for wonderful businesses that operate with a social conscience. Aussie customers are concerned about ethical products and the trust in brands. The battle for consumer trust has never been more overt with the social media ‘influencers’ openly discussing the merits of a product to a large dedicated audience. Maintaining market share with the onslaught of online shopping, Amazon and international brands landing in Australia, keeping brand trust has never been more crucial.
What if a business doesn’t take part in the blockchain revolution?
Well, I am sure that speaks volumes to their commitment to transparency to their customers. I know I will be hesitant to invest in their products if there is a competing product openly meeting my expectations.