Chairman Warwick Powell Explains how the Blockchain Solves Supply Chain Problems
After some years of development, BeefLedger has emerged as a hopeful antidote to food fraud and supply chain mistrust.
In a 40 minute interview, Mr Powell explains the basic concepts of food supply and blockchain integration, with examples of how that works in the BeefLedger ecosystem.
The beef supply chain in Australia is one of the most complex food production and distribution systems around involving live animals, dynamic environments and climatic conditions, strict regulatory regimes, transportation and processes of disassembly and reassembly.
Numerous families, businesses and communities depend on the viability and sustainability of the beef supply chain. There are over 45,000 beef cattle producers across the country, with a national herd of around 27 million head of cattle. The industry exports around 70% of annual production and is the third largest exporter of beef in the world.
As demand for beef in growing markets like China grows, the risks of meat fraud and safety increases. A robust credentialing platform is needed to ensure the reputation and value of the Australian beef industry is protected. BeefLedger can monetise data value, and ensure this value is captured by those responsible for its production. This includes provenance data right through to consumer data. Whereas Australians consume on average 26kg per person of beef per year, Chinese consumption is at considerably lower levels (6kg). However, Chinese beef consumption is growing rapidly.
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BeefLedger (CRYPTO:BEEF) is an integrated provenance, blockchain security and payments platform. It is a general purpose technology platform project, utilising blockchain technologies, that seeks to harness a diverse range of product provenance information as a basis of improved payments and confidence amongst supply chain participants.
It will provide a platform by which consumers can validate the credentials of the product they are purchasing, and drive efficiencies in the supply chain by reducing information asymmetries between transacting parties. BeefLedger combines the blockchain's attribute of being a robust validator of historic states (as a record of past events) and the power of crypto-economics to drive incentivised systems shaping behavioural optimisation in supply chains.