The team behind the Cardano Block Chain (ADA), IOHK, partnered with Wyoming-based BeefChain to use blockchain technology to improve food safety and traceability.
IOHK, which moved to Wyoming in 2019, announced the partnership at the Cardano 2020 virtual event. Chief Commercial Officer Jerry Fragiskatos stated that the solution will benefit both consumers and producers by addressing issues such as food safety and recalls.
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The partnership will use DLT technology to standardize processes for tracking and recording meat products throughout the supply Bitcoin Rejoin chain, from farms to markets. BeefChain President Steven Lupien said it will lead to a number of benefits in certification, traceability and consumer involvement:
„Our [BeefChain’s] partnership with IOHK brings state-of-the-art technology to farmers … We are not technologists [and] IOHK is providing the backbone of our system and it is safe, transparent and scalable. IOHK has provided everything we needed and more.“
By partnering with IOHK, BeefChain will be able to better certify ranchers through a verified process program (PVP) that focuses on quality assurance metrics such as grass-fed, zero-hormone treated beef products. The RFID tag data will be stored in Cardano.
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Lupien said consumers will receive a QR code along with the beef, linking them to information on the website about the meat and the ranch that produced it.
„Our consumer product is available to enhance the consumer experience and to help educate the consumer about where their product comes from ? back to the rancher, where you can meet the family that produces it.
The benefits are there for all to see
Wyoming State Representative and BeefChain Program Director Tyler Lindholm emphasized Blockchain’s ability to reduce supply chain costs by, for example, reducing the time of a product recall from days to seconds. He said Walmart’s FoodTrust program had reduced a recall procedure from 6 days to 2.5 seconds and reduced the cost of each recall by millions:
„As soon as they found out how fast they could do it, they immediately informed all of their producers that they really had no other option and needed to make a quick transfer to their new system. That was good for the blockchain network, for food security and for traceability.“
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Australia also fights beef fraud
The Australian beef tracking platform BeefLedger is another company that understood the potential of DLT technology in the supply chain sector. Based in Australia, they focus on food safety and fraud issues, particularly for exports to China.
According to Beijing-based industry expert Ian Lahiffe, for every 1 kg of genuine beef sold in China, there is 3 kg of beef that is not from the declared country.