Key Factors That Can Enable Transparency in the Volatile Agri-Food Supply Chain

Abstract

There are few industries more crucial to the global economy than agriculture. The economic well-being, security, and health of a nation's population all depend on its agricultural economy. These days, people are paying a lot more attention than ever before to issues related to food insecurity. Few industries are profitable as the global food supply chain. Unfortunately, the data illustrates that there are problems in the food supply chain. The failure rate of the Agri-food Supply Chain (ASC) is much higher because of the information gap caused by the difficulty of end-to-end traceability. Therefore, it is now crucially important to monitor ASC with the components. Literature review concludes that consumers' health can be significantly improved by using Blockchain database and Internet of Things (IoT) technologies to track the provenance of their food in real-time. With the help of these innovations, the entire agricultural product supply chain, beginning with the farmers and ending with the retailers, can be handled with complete transparency. Through the use of IoT, food can be traced, verified, inspected for quality and security, inventoried, food waste managed, and eventually, the data may be secured in a database and made available to all through blockchain. The price of the product and the supply of a safe and transparent payment chain for all parties involved in the agri-food supply chain are other crucial elements. Therefore, Agri- Food Supply Chain (ASC) transparency may be ensured with the help of IoT technology, a blockchain database system, and safe and automated financial flow.