Blockchain Technology in Food Industry Blockchain Technology in Food Industry | Page 7

Instant payment of the product and services from the companies and suppliers is still a matter of issue
for the farmers. Payment in cryptocurrency is one solution for the farmers to get instant or same-day
payment. The blockchain platform that is automated allows paying a fee that is a fraction of traditional
payment transfer. This will lead to an increase in profitability for framers and everyone involved in the
supply chain process. A good example of this is BitPesa, a digital foreign exchange and payment system
that leverages blockchain settlement which started in Kenya Nairobi in 2013.
As of 2019, food industry system has adopted blockchain technology only for their traceability,
access and verify. This got implemented in the pilot state. More to come from many big industries, as
many companies have already started exploring the open-source blockchain like EOS, Ethereum,
Hyperledger for its supply chain and also payment transfer. By combining much other technology like
IoT(Internet of Things), RFID (Radio Frequency Identification) it is aiming to serve a huge change in the
food industry.