New Normal, Digital Transformation, Industry 4.0
Trust | Transparency | Traceability
Honey not all good
Immunity’ is the word that saw a 350 per cent increase in Google searches during the lockdown. And when Indians think of immunity, ‘Honey’ features in the top hits.
India has been using Honey for thousands of years. And right when it needed the most, the consumption of Honey increased manifold, because of its consideration as an efficient immunity booster. According to reports, the market is anticipated to grow at a CAGR of 7.26% during the forecast period of 2020 to 2025. The global trade of Honey, over the past decade, has also grown from US$ 1.5 billion to US$ 2.02 billion, registering a growth rate of 3.75%.
Are we consuming sugar in the name of Honey?
According to the recently released report by CSE, Honey sold in India is being adulterated with sugar syrup. Adulteration of Honey at different points of the supply chain has become common. The primary concern is not just that the Honey that is consumed is adulterated, but that this impurity is challenging to catch. The sugar syrups found are designed to go undetected to cope with the growing demand in the domestic and export market.
Before this significant discovery, consumers regardless of their lifestyle, almost 97% of them are automatically convinced that bee products are healthy. And hence there needs to be a framework in a business model which should incorporate Traceability. Traceability is a business that runs on trust, and therefore, it helps the entire industry in the following ways:
Need of Data: -The real powers of Traceability lie in the data that business users generate in the functioning of a particular process.
Most businesses have realised the importance of digitally transforming their supply chains and have started to see the benefits of these emerging technologies. Digitisation and process automation are prerequisites for an organisation to think about adopting emerging technology. The future of Honey verification can be enhanced only when the maximum number of data are available and garnered around the whole value chain. The source of origin for Honey is from the wild or apiaries. The produce can then travel through several hands, and this is where the chance of adulteration is highest. Food loss will diminish significantly, and the produce that ends up in consumers’ carts will be fresher; when emerging technologies like blockchain technology (which records transactions at every stage of the value chain), along with IoT devices, and AI algorithms join forces resulting in two significant benefits
Industrial Significance: it will help industries connect to the consumers in a fairer way leading to food safety, prevention food fraud and ensuring quick and fair payments
Technology Readiness Level: a growing number of industries are employing technology to build a sustainable industry framework and hence set a global benchmark
ETgarage wants to encourage action to protect consumers and customers from harmful practices; and to highlight and support legal, transparent and ethical sourcing. We are aiming to build that market connection between producers and consumers by providing blockchain-enabled Traceability and certification to authenticate supplier claims and make any product’s journey visible.
Compiled and edited by team ETgarage, feed back write to us email@example.com
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