As per the Business News in CoinGeek– 29 August 2024

Nigeria is grappling with one of its worst food crises, driven by factors such as poor governance, escalating insecurity, and hyperinflation. With the UN’s Food and Agriculture Organisation (FAO) reporting that Nigeria now has the world’s highest number of food-insecure individuals at 31.8 million, there is an urgent need for innovative solutions. Obinna Iwuno, President of the Stakeholders in Blockchain Association of Nigeria (SiBAN), believes blockchain technology could be a game-changer.

Despite the Nigerian government’s efforts—ranging from food aid to free fertilizer and state-sponsored farming initiatives—the crisis persists. A significant issue is the inefficiency and loss within the supply chain, with the FAO noting that 30-40% of food is lost globally, a percentage that is even higher in developing economies like Nigeria.

According to Iwuno, blockchain technology offers a solution by enhancing transparency and traceability in the food supply chain. "By recording every transaction and movement on the blockchain, stakeholders can verify the authenticity and quality of products, thus reducing fraud and ensuring food safety," Iwuno explained.

Blockchain’s ability to track products from farm to table ensures real-time data access, enabling better decision-making and quicker responses to supply chain disruptions. Additionally, it can address issues like hoarding by providing a transparent view of food stocks, making it easier to monitor and control.

Beyond improving supply chain management, blockchain can also facilitate financial inclusion for farmers. As highlighted by Isaac Garba, a local AI expert, blockchain can enable secure and efficient financial transactions, helping farmers access credit and other financial services more effectively.

As blockchain technology begins to make its mark in agriculture across Africa, its potential to transform Nigeria’s food security landscape becomes increasingly evident. With continued support and innovation, blockchain could play a crucial role in addressing Nigeria’s food crisis and building a more resilient agricultural sector.

FoodTraze: Leading the Way in Food Traceability

In line with this transformative potential, FoodTraze, powered by Piccosoft, is at the forefront of revolutionizing food traceability. Our end-to-end blockchain solution ensures transparency and trust from farm to table, helping tackle similar challenges faced in food supply globally. With detailed insights into every stage of the food journey, FoodTraze empowers stakeholders with the tools needed for better decision-making, enhanced food safety, and increased consumer trust.

By adopting Solutions like FoodTraze, stakeholders can not only improve traceability but also contribute to solving critical issues like those highlighted in Nigeria's food crisis, ultimately paving the way for a more transparent and resilient food system.