The World Economic Forum believes that blockchain could contribute to a $365 billion savings by 2030 by reducing food loss and waste in the food supply chain.
A report published by the World Economic Forum, or WEF, highlighted the critical role of fourth industrial revolution technologies. New technologies like blockchain could help stimulate growth by implementing “nature-positive” solutions following the COVID-19 outbreak.
According to the “Future of Nature and Business” study shared with Cointelegraph, nature-friendly solutions could have the capacity to create 395 million jobs and generate $10.1 trillion in business opportunities by 2030.
Inger Andersen, United Nations Under-Secretary-General and Executive Director of the UN Environment Program, commented on the matter:
“As we enter into a historic decade of action to halt and reverse biodiversity loss by 2030 and address climate change, business has a critical role to play in environmental stewardship of our planet. They have the technology, innovation and financing to make the shifts we need towards increased investment in nature’s infrastructure and nature-based solutions.”
Blockchain and the food supply chain
Blockchain technology could contribute to a $365 billion savings by reducing food waste in the food supply chain.
Pilot programs were launched in Benin, Ghana, India, and Rwanda. Their results suggest that relatively low-cost storage techniques and handling practices can reduce post-harvest food loss by more than 60%. They can also raise smallholders’ incomes by more than 30%, the report claims.
One example that the WEF puts forth in the study is the IBM Food Trust. This project has already started to implement blockchain-based supply chains with partners like Walmart, Tyson Foods, Nestle, and others.
A billion dollar opportunity
The report further elaborates that blockchain applications in energy and mining supply chains could generate an opportunity worth $30 billion in 2030:
“Blockchain applications could grow rapidly over the coming decade, particularly in precious gems, diamonds, tin, tungsten and cobalt (…) Economies of scale will enable companies to unlock significant cost savings from initial blockchain investments, eliminating the need for costly materials verification processes.”
The report notes that innovations such as additive manufacturing, precision forestry, and blockchain in energy and mining supply chains can enable a “nature-positive” pathway by supporting both value creation and conservation goals.
The WEF called to scale blockchain’s potential to help create $3.5 trillion of value in energy and extractive systems.