World economic crisis is currently affecting the businesses of any sphere. They are forced to work in a constantly changing environment, so in order to reach their objectives, they have to be constantly improving the risk management system.
Risk management system is a kind of a safety cushion for business. In other words, it is a set of tools to identify, analyze and minimize the risks. In case of food business, evident examples may include supply, sales and distribution troubles.
The appropriate management of the risks associated with that technology is essential for the successful adoption and operation of blockchain.
In order to ensure prompt distribution of the product, food producers must maintain a huge product stock, which is larger than they actually can sell. All the information is often stored in databases spread widely across numerous entities. The data is often inaccessible and unable to verify, providing wrong or outdated details. Thus, management and planning processes become complicated.
The situation may be significantly optimized by FOODCOIN Blockchain technology. Blockchain is an open database available for
