Application of blockchain technology in shaping the future of food industry based on transparency and consumer trust

Food Industries, at this moment, are moving towards a new phase, and this phase will be governed by consumers and not by the industry leaders. The report shows that claims on sustainability, health, wellness, and transparency would govern the future trends in the food industry. Currently, there are several cases of misleading and false claims which hamper consumer trust. So, to uphold consumer trust, authentication of claims through transparency in the food supply chain is required, and blockchain technology can bring transparency at relatively low transaction costs. Once in a blockchain network, data is very difficult to manipulate, with no single point of authority to mess and collapse the system. Though we see mostly the financial systems using blockchain's decentralized functionality, there is a growing trend of innovative applications being built in the supply chain area for contracts and operations. With effort in the right direction and over time, blockchain will recast how operations and processes are done across the industry, including public sectors. The paper reviews the opportunity for the blockchain in enabling food industries for future-readiness, empowering the consumers in verifying the product claims and thus prevent themselves from food fraud. In doing so, the paper considers the future trends in the food industry, identifies current food fraud cases, and outlines the various applications in the agri-food chain and challenges associated with it.