When Satoshi Nakamoto gave the world the blockchain technology, I wonder if he knew of it’s potential to do more than just revolutionize the FinTech sector. Till now blockchain has served as a saving grace for many industries and slowly the world is adopting the technology in all its decentralized glory.
The food industry in different countries around the globe, has been stepping up its game with the help of blockchain tech, as it has the potential to garner more customer trust along with giving restaurants control of the produce.
The blockchain tech seems to have caught the fancy of South Korea’s food industry, as the country’s government recently announced its plans to leverage the distributed ledger technology (DLT) for the purpose of tracing beef specifically; in order to provide their customers with the information from the food supply chain. This step is particularly targeted at informing the people about the source of their food.
According to Yonhap News Agency, which is the largest news agency in South Korea,
The new platform uses blockchain technology to store related information and certificates in the distributed ledger to enhance efficiency and credibility.
The technology has been implemented into the pilot program, which is all set to be officially launched in the January of 2019, in collaboration with the Ministry of Science and ICT and Ministry of Agriculture, Food, and Rural Affairs. But before that, the program has to go through the testing phase, which is scheduled for the next month, i.e. December.
Blockchain Tech & Agriculture
The tracing of agricultural products has surfaced as one of the most common usage of the blockchain technology worldwide.
Malaysia, for one, is ready to place certifications for palm oil, the biggest export of the country, on blockchain as it can potentially allow sellers and consumers to track the source of their palm oil, as well as monitor all transactions for palm oil supply chains to ensure that they are sustainable.
In Australia, the largest grain exporter, CBH group announced earlier in August that it would test the blockchain technology in the tracking of oat shipments. That would also help in displaying supply chain data to potential buyers.
The global retail giant Walmart partnered with IBM and the Tsinghua University of Beijing in another effort to apply Blockchain to logistics..
Alibaba, China’s e-commerce giant also recently partnered with,
- A New Zealand-based dairy cooperative Fonterra.
- Vitamin and supplement supplier Blackmores.
- Postal services in Australia and New Zealand.
They joined forces and formed a consortium for the purpose of, reducing fraud related food supply chain, and to help in making enterprise businesses more comfortable with the advances that the open, public Blockchain protocols offer.
Another use of the blockchain tech in this industry is cost cutting and increased efficiency. It was only last month that the four prime agriculture companies in the world — Archer Daniels Midland Co., Bunge Ltd., Cargill Inc., and Louis Dreyfus Co., generally known as ABCD, agreed on using the blockchain technology combined with artificial intelligence technologies in order to make trading economical, efficient and transparent.