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.
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