Blockchain Disrupts South Korea Supply Chain Industry

December 20, 2018

According to a report by South Korea’s largest news agency – Yonhap on November 20, blockchain technology will be implemented in the process of tracing beef, providing consumers with all necessary information covering from the food supply chain of the country.

The Ministry of Science and ICT and Ministry of Agriculture, Food, and Rural Affairs have coordinated in launching a pilot scheme to test the effectiveness of blockchain technology. As scheduled, the testing program starts in December and the official system is launched in January 2019.

Yonhap also demonstrated that the ministries are planning to use the distributed ledger technology (DLT) “to track beef through the supply chain to provide consumers with information about the source of their food.” It is also stated in the article:

“The new platform uses blockchain technology to store related information and certificates in the distributed ledger to enhance efficiency and credibility.”

The application of blockchain in the supply chain industry, especially in agriculture products tracking can be considered as one of the common and effective implementations worldwide. Back in August, the innovative technology is used in tracking oat shipment, initiated by Australia’s largest grain exporter – CBH Group, partnered with a local startup.

Regarding a report by Cointelegraph on October 25, the consensus among the four largest agriculture companies in the world — Archer Daniels Midland Co., Bunge Ltd., Cargill Inc., and Louis Dreyfus Co., commonly known as ABCD is achieved in using blockchain and artificial intelligence (AI) technologies to reduce costs and to make trading more efficient and transparent.

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