Connect with us

How Blockchain Technology is Geared-Up to Transform the Restaurant Industry

Featured

How Blockchain Technology is Geared-Up to Transform the Restaurant Industry

KFC Middle East recently made it to headlines after launching its blockchain pilot program to beef up digital marketing campaigns. 

Ozge Zoralioglu, chief marketing officer for KFC says,

“By innovating a sophisticated blockchain solution, KFC can now benefit from enhanced visibility of real-time data and the most updated insights – all with full confidence that information is authenticated, tamper-proof, and hence credible. Leveraging blockchain technology’s immutability means that together, we are able to improve trust, transparency, and efficiency in our supply chain.”

This commendable gesture from KFC has spiked interest among restaurant industrialists in the blockchain technology. 

Back in the days, good food was all you needed to run a restaurant. Times have changed, the food industry has to keep up with technology too. Many operations have been automated over the past two decades. But if you are running a restaurant chain, you must be exploring new technologies to tackle the complexities that come with expansion. Apart from advertising, there are more opportunities blockchain technology has in store for restaurant owners. 

How does Blockchain Open-Up the Restaurant Industry? 

Secure and Transparent Operations 

For starters, the technology safeguards the security and privacy of customers, vendors, and business partners. The peer-to-peer ledger stores encrypted data virtually foolproof. Since every purchase and delivery is registered on the blockchain, the possibility of fraud in the supply chain is eliminated too.  

Accurate and Timely Payments 

Blockchain-run smart contracts make sure that payments and transactions made are accurate. It automatically executes payments to vendors once the product arrives at the destination and completes other obligations agreed upon by various parties involved in the agreement. 

Eliminates Middlemen and Support Farmers 

The perishable nature of stock in the restaurant industry presents a lot of challenges to owners and suppliers alike. Farmers often have to undersell to save their harvests from rotting in godowns. With the help of blockchain, the agrifood sector can be revived. Middlemen are eliminated now and transparent communication is established between farmers and buyers. Coercion and retroactive payments are forestalled through fair pricing. 

Supply Chain Management  

Restaurants can not only procure goods at a low price but also ensure their quality on a blockchain-run platform. Mexico’s family restaurant chain, Toks, serves coffee crafted from its sustainably sourced, roasted, and ground coffee beans among other dishes on the menu. The coffee supply chain has a large number of intermediaries such as growers, traders, roasters, curers, and other processors which makes the system inherently complex. The company will launch a distributed application, (Dapp) prototype traceability solution, reportedly in September 2020, to register and track coffee beans as they are purchased, processed, packaged, and sold by Toks. 

This is not a standalone event. Sweetgreen, Starbucks, and Blooming Brands are just some of the other restaurant chains which have been experimenting with blockchain to help them track and manage supplies from farms to stores. 

Comply with Food Safety Standards

Everyone has access to records through the all-inclusive database unlike in the traditional set-up where transparency is difficult to achieve. Restaurant managers, suppliers, and distributors can contribute to ensuring food-safety this way.

For eg, in vegan restaurants, it is imperative that the owners and customers know where the food is grown, how it is processed, and whether any animal has been hurt during any stage of preparation. A blockchain application that provides customers with complete data regarding these will help earn their trust and loyalty.

A Bloomberg Intelligence report suggests that discovering food-borne pathogens from a contaminated farm or a broken refrigeration unit is made easier with blockchain technology. The source of the outbreak is tracked, contaminated food items are removed and the chain is broken, saving a lot of money and hazards. 

Expand your Business with Blockchain, Expanse Leads the Way

The decentralized approach blockchain technology puts forth to data management enhances accuracy, transparency, profitability, and customer loyalty. To yield the full potential of blockchain, ensure quality, trace and monitor products, and automate operations, all parties concerned should come together with an active interest. 

If you are looking to scale to a blockchain-run restaurant business, Expanse will be able to help. Expanse is a faster, highly scalable and extremely secure blockchain. You can build future-ready dApps on Expanse that will dramatically improve your restaurant business performance. 

Continue Reading
You may also like...

I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

Comments

More in Featured

To Top