The company’s CEO, Deng Ke, said there are several reasons to believe that this will improve the quality of the food. In the first place, this will greatly enhance the regulations in general. Secondly, monitoring the quality of food items will also be more cost effective due to the use of blockchain.
This is of course not the first time a company has analyzed how blockchain can assist with the traceability and quality of food. Wal-Mart hogged the limelight by using blockchain technology to track its lettuce. Cargill, the largest privately held food company in the USA, also announced last year a blockchain-based fraud detection program allowing customers to know more about their Thanksgiving turkeys.
The World Wide Fund For Nature, which has built a food tracking system called OpenSC, is another organization that has used blockchain for food traceability. In addition, announcement came at the start of this month that China’s self-regulatory banking organization, the China Banking Association, will deploy a blockchain-based platform to improve industry efficiency.
The project, formally referred to as the “China Trade Finance Interbank Trading Blockchain Platform, “intends to focus on trade finance transactions and other financial services using the blockchain system.