Omnichain Solutions in the News: Blockchain is also a good choice for improving transparency. “Originally developed to verify the exchange of cryptocurrency, blockchain provides an immutable, decentralized ledger of transactions between connected parties,” explains Pratik Soni, co-founder and CEO, Omnichain Solutions, Los Angeles.
“Each transaction is recorded in a digital ‘block’ and assigned a unique cryptographic signature,” says Soni. “These blocks log information, such as date, time, cost, location and involved parties. When the next transaction occurs, a block records new information, and incorporates the original information of the previous one, linking the two together. The chain continues so on and so forth—hence, the name of the technology.”
By linking all records from source to shelf in a distributed ledger, blockchain provides irrefutable proof about where a product came from, how it has been handled, and who has touched it, adds Soni.
“This level of transparency can help with ensuring food safety and proper labeling, such as guaranteeing if a product is genuinely organic, gluten-free, dairy-free, peanut-free, etc. Since all transactions are permanently logged, food companies can use blockchain to easily trace any food safety concern to its source, thereby protecting consumers and mitigating the cost of recalls,” Soni says.