How blockchain can save the food industry millions from recalls
Vitafoods Asia is part of Informa Health & Nutrition by Informa Markets. Informa Markets creates platforms for specialist markets to connect, trade, innovate and grow. Informa Markets operate over 500 major, branded exhibitions where buyers and sellers working in a specialist market can meet face to face, see and show products, conduct business and build relationships.
Product recalls are no laughing matter for food manufacturers and retailers. A brand that has spent decades earning a trusted reputation with its public can see their reputation fall to ruin simply due to an untimely and unfortunate bacterial outbreak, for example, or the presence of a foreign object found in their products or packaging.
Due to extensive media coverage of product recalls in such situations, along with the power of social media, consumers today are more conscious, and more cautious, about food safety.
If they don’t act fast enough to rein in the negative publicity a product recall can cause heavy losses and even bankrupt companies, as the company at fault often must absorb any financial costs related to food recalls, putting a significant dent on margins.
An average product recall for a company in the United States costs US$10 million, which covers notific ...