Blockchain Technology is buzzing all around the world. It is transforming many industries and now, South Korea has made a decision to adopt it for its food industry.
In order to trace beef supply to the consumers, the Government of South Korea has announced to utilize blockchain technology in the beef supply chain management. The move by the government will help consumers to have knowledge about the food.
South Korea’s Ministry of Science and ICT and Ministry of Food, Agriculture and Rural Affairs will jointly inaugurate the pilot program. From December, the testing phase of the program will kick off and by January next year, the system will be officially launched to help the people.
According to a source, in the case of beef supply chain management, DLT (distribution ledger technology) will be implemented by the ministries to track beef and provide the customers with information about the source of the food. The new platform will preserve relevant information and certificates in distribution ledger to boost credibility and efficiency.
While, in the rest of the world, the implementation of blockchain is becoming common for tracing agricultural products. In Australia, CHB group, the largest grain exporter in the region collaborated with a local startup to utilize blockchain for tracking oat shipments.
Companies like Archer Daniels Midland Co., Bunge Ltd., Cargill Inc., and Louis Dreyfus Co. which are specialized in agro, have used blockchain to cut down costs and to make trading more effective and transparent.