South Korea Applies Blockchain to Beef Traceability

January 9, 2019

As reported by Yonhap News Agency on November 20, the South Korean government will apply blockchain technology to tackle the traceability issue, specifically tracing beef and providing information from the supply chain.

The blockchain-based pilot program was jointly launched by the Ministry of Science and ICT and Ministry of Agriculture, Food, and Rural Affairs. As such, the testing phase is scheduled for December and the system will be officially launched in January 2019.

According to Yonhap, the program aims to use the distributed ledger technology (DLT) to track beef through its supply chain and publicize the information about the source of the food. The article also states:

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

In recent years, blockchain technology has been commonly used for tracing agricultural products worldwide. In August, Australia’s largest grain exporter, CBH Group, has partnered up with a local startup to apply blockchain to oat shipments tracking.

In the same year, the four prominent players in agriculture sector, commonly known as ABCD, including Archer Daniels Midland, Bunge, Cargill. and Louis Dreyfus agreed to apply novel technologies such as blockchain and AI to minimize costs and make trading more efficient and transparent.

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Facebook: https://www.facebook.com/asiablockchainreview/

Twitter: @abr_blockchain

Related Article
Blockchain Enables Verification of COVID-19 Immunity
Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

November 21, 2020

Illicit Cryptocurrency Activity: A Concern
Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

November 20, 2020

IBM Using Blockchain to Help Businesses Reopen during COVID-19
IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

November 20, 2020

Canadian Pacific Railway Collaborates with TradeLens
Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

November 19, 2020

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us