Blockchain is about to change the pet food industry for the better, as it makes 100% transparency the norm.
All around the world, blockchain is touted as a revolutionary technology with endless possibilities. More than just a buzzword, it has the potential to disrupt every industry from banking to science, the pet food industry included. Blockchain is about to change the pet food industry for the better, as it makes 100% transparency the norm.
Producers and consumers demand safe and sustainable quality products, but without documented proof they are not buying anything.
The idea of sharing information in secured digital ledgers may be new, but the concept behind it has proven itself in the past. For a long time, transparency has been a selling argument. Pet food producers and their supplying partners go to great lengths to inform their customers on all imaginable product details, from the origin of the source material to the method of preparation and even the means of transportation.
The only problem is bias. Since all information is handpicked, there is no guarantee that it is fully and faithfully presented. Blockchain does not allow anyone to mark their own papers. The technology automatically and independently logs all information in the process, and – that is the breakthrough – offers everyone who is interested unrestricted access to full and accurate product data.
No proof, no business
Consumers are becoming increasingly conscious about the origins and qualities of their food. And in line with the trend towards pet humanisation, high demands are also placed on the quality and integrity of pet food. Blockchain, through its integrated network technology, guarantees complete visibility at all stages of the supply chain. Pet food producers willing to share that much information, can literally prove that they have nothing to hide. By being completely open and honest, they can win consumers’ trust and distance themselves from the competition. As it is, if you have no proof to back up your quality claim, you have no business in pet food.
As promising as blockchain is for the pet food industry, it also raises some fundamental challenges. One of the main concerns is the protection of business-critical information. What if sharing benefits the competition? What about exclusivity when everybody has access to the source?
IQI finds the answer in solid contracts and exclusive distribution agreements. The company’s product documentation is just as revealing as the data provided by new technology and never in its history has IQI’s openness posed any threat to its business. Instead, the IQI Quality Passport is widely regarded as a quality mark.
The company earns trust by sharing information, and pet food producers can do that too. Providing the right information, a QR-code on the packaging becomes an instantly recognisable and profitable quality label. Imagine this: you can determine if a product is USDA, FDA, AAFCO or FEDIAF approved by a simple phone swipe. That is where technology translates into business.