A Comparative Analysis of Blockchain in Enhancing the Drug Traceability in Edible Foods Using Multiple Regression Analysis

Abstract

The growing need for access to safer food items is increasing, and hence, there is a need for a better supply chain management system in the food industry is increasing. The increased complexity of the existing systems tends to introduce more issues to the stakeholders, and also, the cost of product traceability is quite high. Hence, the industry is looking for effective solutions in relation to drug traceability, and the application of Blockchain technology enables the stakeholders in the food and beverage (F&B) sector to track the movement of goods, supported in gathering the required details so that the contaminated products can be identified and recalled without much delay and lesser recall costs to protect the lives of the individuals. The tampered food items are increasing and are impacting the supply chain process, brand name of the companies, and claim assurance. They create an adverse impact on the health of the individuals and cause higher economic loss to the health-care industry. The existing studies tend to focus on laying emphasis of the need for an enhanced, effective, and end tracking systems in the industry. The emergence of Blockchain technology enables centralized tracking of information support in enhancing the data privacy and increasing transparency and support in eradicating the tampered food products in the supply chain system. These approaches leverage the usage of smart contracts and decentralize the storage of information in a secure manner for enhanced product traceability in the F&B industry. The implementation of smart contracts generates better data governance, which tends to meet the needs and requirements of the stakeholders, and applies effective measures of food traceability. The primary objective of the study is to perform an analysis of Blockchain in enhancing drug traceability in the food sector. The researcher uses quantitative analysis for the study as it helps in understanding the critical determinants influencing drug traceability in food effectively, the survey method is used to gather the information, and past reviews are also used to possess a better understanding of the subject area effectively.