The role of blockchain in supply chain is getting a
The role of blockchain in supply chain is getting a new impetus with the Australian National Transport Insurance (NTI) company announcing that it will try out integrating blockchain technology in the beef supply chain for Australian beef exports to foreign countries. This interesting new development has been sourced from a local publication, namely, the Fully Loaded Magazine today, 10th December, 2018.
The blockchain platform that NTI will be working with in order to conduct this trial is known as BeefLedger, a blockchain security and payments platform from the country. As BeefLedger has a solid track record of having worked with not just blockchain but also Internet of Things (IoT), which allows it to play a key role in facilitating smoother supply chain management.
The project collaborated on by the two parties, NTI and BeefLedger will make use of blockchain technology to check for the origin or provenance of the beef being sent abroad. It will also check the food safety aspects of the product being exported to Shanghai. The route followed by the beef production and export involves rearing them on firms of Limestone Coast in South Australia, processing them at a facility in the New South Wales area and finally forwarding them to the Chinese city of Shanghai for sale and consumption. The country is a major beef exporter in the world, ranked third in terms of volume, with the industry including 45000 cattle producers.
Using blockchain technology in tracking the supply chain movements can make sure that food safety standards are met and inspires confidence in the product among both producers, retailers and final consumers. Warwick Powell, the chairman of BeefLedger commented:
“Research shows us that ethical standards and concerns for animal welfare, along with authenticity and proof of product origin, are amongst the top priorities for Chinese consumers. It’s also what’s driving consumer interest in Australian products.”