Yonhap news agency reported that the South Korean government will utilize blockchain technology for tracing beef and offering customers with information from the food supply chain.
Blockchain technology has been implemented into the pilot program that has to be released together by the ministry of science and ICT and Ministry of Agriculture, Food, and Rural Affairs. The testing part of the program is dated for December and the official launch of the system is to be in January next year.
As indicated by Yonhap, the ministries are intending to utilize the distributed ledger technology (DLT) “to track beef through the supply chain to provide consumers with information about the source of their food.”
The write-up states that:
“The new platform uses blockchain technology to store related information and certificates in the distributed ledger to enhance efficiency and credibility.”
The use of blockchain tech for tracing agricultural products is one of the well-known implementations of technology worldwide. A few months ago, Australia’s biggest grain exporter, CBH Group collaborated with a local startup to use blockchain tech for tracking oat shipments.
A month ago, the four largest agricultural companies worldwide, Archer Daniels Midland Co., Bunge Ltd., Cargill Inc., and Louis Dreyfus Co., commonly known as ABCD have decided to use blockchain and artificial intelligence technologies to bring down costs and make trading more efficient and straightforward.