Benefits of Blockchain
Key benefits of Blockchain
- Decentralisation - no single entity is responsible for verifying the transactions.
- Transparency and high availability - information is transparent because each party holds a copy of the data and it is fault tolerant as there are many parties, and therefore copies of the data.
- Immutability - entries added to the blockchain are immutable - they cannot be changed after they are written as it’s easy to spot when someone tries to change something.
Potential benefits to the red meat industry
- Improve supply chain security and provenance by storing sensor information to provide assurance that each participant along the supply chain did the right thing.
- Supply chain optimization through improving the export documentation processes by digitalizing the process.
- Enhance product safety and reduce misrepresentation of red meat products in overseas export markets (food fraud).
- Provides trust in the supply chain data that is shared across participating parties
- Reassures consumers around the provenance of their meal.
Enables ‘smart contracts’ which are programmed contracts that automatically execute when agreed parameters are met. This may have various applications across the supply chain including in the area of livestock purchasing.