DSTE Capital Ltd, an agro-tech firm based in Malaysia, has launched its very own blockchain platform to assist businesses and consumers in tracking agricultural produce in an effort to help tackle issues related to food safety and fraud in the country.
As reported by Malay Mail, the platform – dubbed DSTE CHAIN – minimizes such risks while also improving transparency by tracking data on agricultural processes using innovations such as distributed ledger technology (DLT), Internet of Things (IoT) and smart farming.
Chin Kuen Liang, DSTE chief financial officer, said the system will change how businesses are run, especially in the areas of financial transactions and asset management. He noted:
“We see a pressing need to resolve food fraud and safety issues in the industry. The lack of transparency and traceability in the food supply chain is often caused by outdated or traditional systems that lead to inefficiency of data sharing.”
The CFO added that emerging demand for DSTE CHAIN with DLT could be attributed to this state of affairs, as the platform’s ecosystem is able to trace produce through the supply chain from farmers, plantations, logistics to food processing, transportation, retail venues and consumers.
“With DSTE CHAIN, the trust is heightened as all processes and data cannot be changed or revoked. This rendered data gathered to be transparent and trustworthy, making DSTE’s system irrevocable,’’ Chin said recently at the platform’s launch in Labuan, Malaysia.
DSTE will begin trials for the platform at their local facilities, including durian farms in Telemong, pineapple farms in Kuala Krau and agro farms in Kuala Kangsar, Perak.
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