Although COVID-19 causes so many uncertainties on the global food markets, but, from the global perspective, the agricultural commodity sector is proving to be more resilient to the pandemic than many other sectors, according to a new report released by the Food and Agriculture Organization of the United Nations (FAO). (Source)
One aspect of the effect of COVID-19 pandemic is movement restriction between borders all over the world which has already affected the entire food system. Restrictions on movement within and across countries can hinder food-related logistic services, disrupt the entire food supply chain, and affect the availability of food. Impacts on the movement of agricultural labour and on the supply of inputs will soon pose critical challenges to food production, thus jeopardizing food security for all people, and hit especially hard the people living in the poorest countries.
According to the most recent report released by the Food and Agriculture Organization of the United Nations (FAO) about the key trends and prospects for major food commodities in 2020/21 Covid-19 has a strong effect on the meat production: (Source)
To prevent the next food crisis in the coming year, the FAO chief has highlighted the need to accelerate the food systems transformation such as the development of digital tools in food supply chains, offering opportunities to facilitate trade in the face of the COVID-19 realities. (Source)
Given recent events with COVID-19 changes to daily life, blockchain networks could potentially help to move goods faster because alternative suppliers could be identified and brought on board more quickly than today. With better insight into vendors and product inventory during a disruption, many buyers could identify where suppliers are sending products to relocate to new sources and redirect shipments where they are needed most.
Emerging technologies like blockchain provide a repeatable framework for end-to-end digital trade execution, digitizing the document and trade execution process. The trade can take just some days to settle, whereas traditional trading processes can take up to a month due to heavy paper-work and strong dependency on human resources.
If you want to know more about the value that #blockchain is able to deliver to companies, to the entire network and to #consumers, reach out to MINAZ Team for a demo presentation and some exchange with our experts.