Blockchain and AI and Restaurants
The restaurant business is far ahead of accepting the digital currencies and adopting newfound technologies like Blockchain and AI to flourish in their business. Almost 30 percent of the restaurants in California now accept digital currencies, thus helping this market thrive. Though there are not too many benefits of this technology yet, one thing for sure that this provides is freedom from transaction fee, which is a norm with legacy banking systems that handles the flat currency. Blockchain on one end where provides a secure and ledger-like system to authenticate the restaurant business-related transactions, AI, on the other hand, Blockchain is helping the restaurants make better decisions about their business and thus increasing their probability of forecasting and predictability into their business.
Blockchain and AI and Supply Chain, Sourcing for Restaurants
Blockchain and AI together are going to transform the way we source our food-related raw material to the restaurant business. Every year, almost billions of dollars are lost due to a lack of supply chain predictions. However, with everything connected via Blockchain and AI, we will have more intelligence to procure the food items at right time and optimized prices. The systems will use the blockchain to authenticate and store supply chain-related information and then will use this unstructured data to predict the supply chain-related information using Artificial Intelligence.
Blockchain and AI and Restaurant Financials
With e payments and wallets already, restaurants have moved to the online format of payments, however, these technologies are though conveniently coming with a surcharge ranging from 2% to 5% of the total billed amount. Blockchain, however, allows restaurant owners to charge their customers without any sort of charges levied for the transactions. Apart from this, with Blockchain, the money is transferred instantly instead of when it comes to the other online format of flat currency, restaurant owners must wait for at least 2 to 3 days before they could get the money into their account due to authentication issues. Blockchain is a far superior technology that promises, a better and more secure environment where privacy breach is next to impossible, whether it's intentionally or unintentionally. Also, more innovative technologies like IOTA and RaiBlocks are being introduced under Blockchain to make payments more convenient using this technology.
Blockchain and AI and Food Quality
Around forty-billion-dollar businesses are lost due to food fraud every year in the restaurant business. To cater to this many technology companies are coming up with a Blockchain-based tracking technology, which starts right when the crops are implanted in the farms. This starts by recording the environment in which the crops are being grown and then continues to record all the information as food travels from factory to storage to various vendors. This also keeps a record of batch information of the food to its expiration dates, thus maintaining the total transparency of the food item.
Though Blockchain and AI are evolving technology and still there is a long way to go, but they are sure some proven path-breaking technologies that restaurant owners are adopting as front-runners. Sure, to keep a check in this area to check what’s new that is coming in.