Food fraud drains up to $50 billion annually from the global food industry, posing a threat to public health. Blockchain technology, if implemented effectively, could combat this illicit activity. However, challenges such as scalability, cost, and privacy concerns hinder its widespread adoption. The Food and Agriculture Organization of the United Nations defines food fraud as intentionally deceiving consumers about the quality or content of food products for economic gain. Various types of fraud, including mislabeling and counterfeiting, plague the industry. Blockchain's decentralized nature and immutability offer transparency and security, making it a potential solution. Real-world applications like Walmart's use of Hyperledger Fabric for traceability demonstrate its effectiveness. Despite its benefits, blockchain faces obstacles like data accuracy and regulatory uncertainties. Collaboration, industry standards, and governance are crucial for successful implementation. By leveraging blockchain alongside IoT and AI, the food industry can enhance integrity, efficiency, and sustainability. Read more AI-generated news on: https://app.chaingpt.org/news

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