A new announcement has been made in South Korea. The announcement contains a news regarding a blockchain technology pilot that’s directed to tracking beef through the food supply chain.
According to the Yonhap News Agency, the pilot will be cooperatively dealt with by the Ministry of Agriculture, Food, and Rural Affairs and the Ministry of Science and ICT. They have set next month as the launch date in North Jeolla Province. After a trial period, a formal unveiling will be held January 2019 of the technology application.
As of writing, in the cattle industry, paper-based reporting system is being used to help people trace cattle from delivery to slaughter and then from being packed of the meat to distribution to clients. This system is not only time-consuming, but is also resource-intensive. The system is also not fraud-proof since there’s also great risk of forged certificates. The system that’s blockchain-based is said to intensify the efficiency and help prevent deceit due to the fixed nature of DLT (Distributed Ledger Technology).
Technology Heavily Based In Blockchain
The blockchain pilot for beef-tracking is just a show of confident in DLT by the government of South Korea. August this year, the government of South Korea has announced that it going to earmark a budget worth of $ 4.4 billion next year. The budget would be used to eight sectors targeting artificial intelligence, big data, and blockchain.
In an announcement released three months ago, the ministry of finance of South Korea,
“The government will focus on promoting big data and AI, developing blockchain technology to ensure data management security and boosting the sharing economy.”
The Ministry of Science and ICT of South Korea has also started promoting training and education on the technology with a vision of preparing their younger generation. They want to prepare the youth for what they call as the 4th Industrial Revolution. The country is now featuring the technology in a syllabus in their recently-introduced courses.
Government of South Korea has one notable champion of the technology, Kim Dong-yeon, the finance minister. He sees the possibility of the technology transforming the world.
Blockchain Tech Can ‘Change the World’, Says South Korea’s Finance Minister https://t.co/7UtJ7gmISt
— CCN (@CryptoCoinsNews) February 5, 2018
The finance minister also said:
“Blockchain technology has the potential to become one of the core infrastructures of the fourth industrial revolution. The development of blockchain technology can really change the world.”
What do you think of this new improvement in the cattle industry? Let us know in the comments below.
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