Whether you like your steak cooked rare or well done, there is one thing we can all agree on – Australian beef is some of the best in the world. Reared in the vast expanses of the outback, Australian beef is some of the most tender meat you can sink your teeth into. In order to protect this heritage, quality, and authenticity of its beef, the Australian National Transport Insurance (NTI) is creating its own blockchain to track beef from farm to plate.
The Australian beef economy is worth a staggering $12.7 billion dollars annually, with more than 45,000 ranches all contributing towards making Australia the third biggest beef exporter in the world. The blockchain that NTI will use comes from BeefLedger and will track meat from farm to plates in Shanghai, China. If the pilot scheme goes well and it improves the supply chain of Australia’s beef, it will then be rolled out to all farms around the country and all destinations for Australian beef.
Supply Chain Welcoming Blockchain Technology
The supply chain management sector is quickly turning to blockchain as its saving grace. Blockchain technology enables products to be traced through an immutable ledger and at lightning speed. Under older systems, products can quickly go missing, fakes can enter the supply chain, and it takes a long time to trace a product back to the farm and batch it came from. This presents many problems and blockchain can fix all of these issues. Walmart has put lettuce on a blockchain in order to prevent further outbreaks of E. coli in America, saving countless lives and thousands of dollars.
Beef is Joining Diamonds On-Chain
Blockchain supply chain management tools aren’t new; the diamond industry has been using blockchain technology for quite some time now. Richemont – a subsidiary of diamond giants, De Beers – put its diamond supply chain on a blockchain back in July. Then in October, Alrosa – the world’s largest producer of raw diamonds – announced that it was also putting its diamond supply chain on a blockchain. Both companies have teamed up with Tracr in order to manage this enormous feat, and it’s working wonders. If BeefLedger can pull off a similar feat then we could see a revolutionized beef industry.
With the help of BeefLedger, the Australian beef industry has all the tools it needs to expand its operations and secure the quality of its meat exports. Consumers around the globe can rest at ease knowing the meat they are consuming is genuine Australian beef and hasn’t been pumped full of rubbish. This is just another example of how blockchain technology is making our lives easier and safer – as well as a little bit more delicious too.