Omnichain in the News: Omnichain CEO, Pratik Soni, is featured in Snack Food & Wholesale Bakery discussing Blockchain-as-a-Service traceability solutions for the food supply chain.
Traceability is essential in the snack and baking industry. Ingredients always need to be tracked, and this is especially important in the case of a recall. These days, implementing a comprehensive software suite is often an essential step in establishing a strong food safety program.
“When it comes to traceability, distributed ledger technology, or ‘blockchain,’ is often the first thing that comes to mind for the modern food producer,” says Pratik Soni, founder and CEO, Omnichain Solutions, Los Angeles. Many are keen to implement the technology, as it provides a decentralized, digital record of every step in a product’s lifecycle—from raw ingredients, through production, to distribution to the retail shelf and in the consumer’s hands, he says. “Once logged on the ledger, the data are immutable and shared with everyone across the supply chain, ensuring full traceability, transparency, and accountability.”
Some companies may think that blockchain for the food supply chain is still something in its infancy, but there are very mature solutions available today, explains Soni. “Namely, blockchain-as-a-service (BaaS) platforms, like the one offered by Omnichain, are available now, that enable manufacturers to go fully live and functional with their own distributed ledger—connecting the many disparate systems, records and databases across their supply chain—through simply an internet browser in under 90 days,” he notes.
Since users only need an internet browser to connect to the network, BaaS platforms can scale along with a business as it grows, says Soni. “A monthly subscription-based payment model also makes deployment affordable so that small to mid-sized food brands can reap the same traceability benefits as a large corporation. In today’s society, where consumers now demand more information about the goods that they purchase, definitive insight into product provenance can be a powerful differentiator.”