FCE Media: Others

FOODCOIN ECOSYSTEM blockchain technology

Blockchain technology is here to stay, and what is more, it has many practical features still to be discovered. As the blockchain definition says, it is a distributed database formed by nodes and designed to prevent any voluntary modification.

In other words, once the information is published, a timestamp is used (forming a block), and this result is linked to the previous block. In such case, to modify this block, it has to be done with every single block, hash and timestamp generated until now. Thus, although we could modify or hack one or two data blocks, it results practically impossible to modify tens or hundreds of them simultaneously.

Another feature is that the blockchain is a decentralized system, which implies that to crash the whole blockchain network, each and every node in the system must be down, which is rather unreachable, because at least one operating node is enough for the system to work.

The main advantage FOODCOIN Blockchain is that it is based on hash system. It means that the information is not recorded directly into the Blockchain, but it is stored in a form of a cryptographic mathematical function. This solution was implemented to comply GDPR directive, and it does not affect the authenticity of the information.

Blockchain systems are used in numerous spheres, but it can be especially useful in food industry, because it allows to provide traceability when it comes to product origin verification. This feature helps food producers to build a sustainable supply chain. On the other hand, the customers have easy access to verify any information that the producer has specified. Thus, the supply chain is straightened, excluding unnecessary actors from it, and allowing to reduce the net cost of food.

As a result, the gap between large and small food businesses is reduced, allowing them to compete on same market level.

Decentralization also means that a blockchain network does not depend on any government or financial institution. To conclude, there are not any intermediaries, which makes all the processes go faster and safer.
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