Australia’s NTI: Launching Food Trust with Blockchain Trials

Our global food supply has grown so complex that it has become almost impossible for food producers and retailers to guarantee the provenance of their products. As per reports, the World Health Organisation estimates that almost 1 in 10 people become ill every year from eating contaminated food, with 420,000 dying as a result.

With the advent of Blockchain technology, tech evangelists believe it could transform the entire food industry by increasing production efficiency, supply chain transparency and collaboration throughout the food system with data insights.

Today, Fully Loaded ATN reports that Australia’s National Transport Insurance (NTI) has announced it will trial a blockchain system to improve supply chain integrity for beef exports abroad.

Coming to details, NTI will reportedly be partnering with BeefLedger, an Australian integrated provenance, blockchain security and payments platform which integrates the blockchain technology with the Internet of Things (IoT) generation to reinforce product credentials around the provided chain.

With regards to the new collaboration, NTI CEO Tony Clark says,

“We’re excited by the prospects this presents across several streams of Australian industry: agriculture, animal welfare, transport and logistics. While it’s early stages, we’re optimistic of the outcomes and learning, and what it potentially means for Australian suppliers, exporters and consumers.”

Addressing to increased risk of counterfeiting and poor safety standards, BeefLedger chairman Warwick Powell said that:

“Research presentations us that moral requirements and considerations for animal welfare, at the side of authenticity and evidence of product beginning, are among the highest priorities for Chinese customers. It’s additionally what’s riding client passion in Australian merchandise.”

Beauty of the blockchain role in this arena:

The blockchain has the potential to take the power of information from corporate food systems and place it into the hands of the direct customer. Through the use of a simple QR code and a smartphone, customers can scan a package at the Point of Sale and receive a full and complete history of their food’s journey from Farm to Fork.

You want proof? Here you go:

IBM Case study result:

The company explained, Walmart conducted a test in which they traced a package of sliced mangoes from the store shelf back to the farm. Using traditional methods, this trace took more than six days. When done using the IBM Food Trust, the solution was able to identify the exact source of the fruit in 2.2 seconds.

Link to the original news article can be found here.

 


About Bank Of Hodlers

Bank of Hodlers is building a customer-centric bank on the blockchain, by providing financial services like cryptocurrency-backed loans and cryptocurrency-backed cards.

We have recently launched our asset-backed lending product where you can earn interest on your BTC, ETH, TUSD and DAI. You also have the option to borrow DAI against Ethereum. You can sign up to the platform by clicking here: app.bankofhodlers.com/register.

 

crypto blog

Want to share your thoughts on this?

Up ↑

%d bloggers like this: