In anticipation of the upcoming legislation, the Operators for Food and Drinks (F&B) in Singapore are encouraged to integrate
Blockchain technology in their activities to improve compliance standards.
The call came when legislators in the city state focused their efforts on improving traceability standards within the local ecosystem to guarantee the protection of consumers in accordance with the new food safety and security account. Members of the Parliament (MPS) expressed the bill beyond the second reading while it goes to his last phases.
The bill tries to eliminate unsafe and expired food products from the supply chain before the ultimate consumer has access. A community lecture of the account makes it mandatory for sector players to store clear information about foods, treatment processes and importers.
“The bill introduces detailed requirements for the traceability of food and recall records, so that unsafe food products can be quickly identified and removed from the market,” said an analyst.
Although the bill does not explicitly state blockchain, it is experts that adopting the technology is the most obvious
path to compliance. Blockchain offers immutability and transparency, so that supervisors and consumers can assess the quality of food products and ensure that they meet their fixed standards.
When they merged with Internet of Things (IoT) technology, the parties can verify the processes of handling food processing while maintaining the efficiency of the supply chain to eliminate waste.
A handful of food and drink companies already use blockchain in their activities, including the Grow Hub, with its traceability platform on the chains. Experts insist on industrial cooperation and important investments from sector players to ensure that the entire ecosystem reaches compliance with traceability.
“Small food operators must ensure that employees are trained in the updated safety standards to ensure that everyone involved in food treatment is aware of the new requirements,” said Kala Anandarajah, employee at Rajah & Tann.
The bill also describes steep penalties for defaulters. Companies are expected to solve $ 50,000 for violations, while individuals will receive a substantial fine of $ 25,000. Repeated perpetrators are confronted with the grim fine of prison sentence and the possibility of license receipts.
Singapore has drowned on a large-scale blockchain acceptance powered by a robust rules book for service providers and a series of initiatives to facilitate the integration of technology by companies. The region is currently confronted with fierce competition from Hong Kong in the pursuit of regional dominance for the adoption of blockchain.
Sustainable agriculture ready for growth
In other news, the market value of blockchain applications in sustainable agriculture is expected to reach $ 290 million in 2032, driven by various factors and new market participants.
The capitalization of the sector is currently estimated at $ 174 million, with projections that indicate a compound annual growth
Rate (CAGR) of 5% by 2032. Although this prediction seems optimistic, it will fade compared to other blockchain
Applications in global industries.
According to a recent market analysis, the need for larger transparency levels and improved supply chain management systems will be the largest administration. However, it emphasizes possible stumbling blocks, including steep integration costs and unclear regulatory standards.
The report further indicates that the large business segment will probably retain its leadership in the sector because of its strong financial resources. On the other hand, small farms are expected to experience the most important growth
In blockchain applications that work to meet the sustainability requirements.
Governments and the public segment will be important adopters of blockchain for sustainable agriculture by 2032. At the moment this segment has a clear lead on the industry powered by a series of agricultural administration and regulatory authorities that turn to web3 technologies.
In the coming years, the report emphasizes the rise of a hybrid segment, in which the strengths of the public and private sectors are merged to encourage new adoptive statistics for the sector.
In terms of stakeholders, the production segment has a clear industrial lead with pioneers who take on technology for quality assurance and food safety standards. However, the retail segment is expected to experience considerable growth next year as the consciousness of the consumer increases.
Given the clear position of retailers in the supply chain, the acceptance levels of blockchain in the segment will have far -reaching effects on the ecosystem. According to application, use cases will become mainstream when following and traceability, while payments and settlements will register in 2032 growth. Southeast Asia is expected to have the highest CAGR levels, but North -America and Europe are expected to maintain their current lead.
To achieve a market capitalization of nearly $ 300 million, experts point out the possible integration of blockchain with IoT and artificial intelligence (AI). Various solutions have emphasized the role of blockchain in combating food crises with real-world use cases that hit the point.
In India, the authorities turn to blockchain for seed distribution to farmers, using digital ID systems for authentication
To prevent fraud. Combined with AI, sector players are increasing ahead to record impressive productivity figures while the globe in the direction of the goals of food security.
View: from farm to board – Blockchain revolutionizes the cattle industry
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Credit : cryptonews.net
