South Korea has further expanded blockchain infrastructure and will now be utilizing the technology in a beef supply chain pilot in order to create transparency for consumers.
First reported by local media outlet Yonhap News, the project will be conducted by the Ministry of Agriculture, Food and Rural Affairs (MAFRA), as well as the Ministry of Science and ICT. It will be piloted in North Jeolla Province by December and after a trial period, it will be officially launched in January 2019 in cattle farms and slaughterhouses.
Like many supply chain systems that are blockchain-based, accountability, transparency, and immutability are core characteristics from which industries such as agriculture will benefit from. Additionally, the upgraded system is anticipated to the reduce costs, time-consumption, and risk of fraud that presently looms over the paper-based reporting system that tracks cattle from birth, slaughter, packaging and distribution.
According to the joint press release from MAFRA and the Ministry of Science and ICT the blockchain platform, all related information and certificates will be stored, enhancing efficiency and credibility.
South Korea is bustling with blockchain projects that are being introduced into many sectors; most recently, the nation’s largest power provider KEPCO unveiled plans to transform energy infrastructure using by blockchain and other technologies to develop microgrids. In doing so, they would allow for electricity to trade across microgrids which is seen as a solution to energy supply issues and to “promote eco-friendly energy practices”.
Furthermore, plans to upgrade e-government services and utilize blockchain for hospital patient records are underway. These are just the tip of the iceberg for a nation that continuously announces budget increases for blockchain and places blockchain within extremely well-funded innovation plans.
For farming, blockchain technologies have found themselves as favorable entries into the sector and have also come in numerous nuanced forms with the typical benefits still intact.
One pilot project which was recently announced in the United States is a supply chain solution that utilizes both blockchain technology and the Internet of Things (IoT) to trace and track dairy products, improving connections between farmers and end customers and increasing transparency and product freshness, an overall upgrade to the system.
Oxfam International is also on board with blockchain for rice farmers in Cambodia; the project being trialed is designed to create a fair pricing ecosystem among rice farmers. It sets in place digitized contracts that carry numerous essential data inputs as well as establishing appropriate contracts with clients, reducing the risk of exploitation and lowering financial pressures for farmers.
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