By Yet more news pertaining to the many uses of blockchain technology. Once again in the insurance sector but this time down under in Oz. National Transport Insurance (NTI), an Australian truck and transport insurance company recently announced that they are partnering up with BeefLedger, an Australian blockchain platform to work on a blockchain pilot which will use the tech for comprehensive end-to-end tracking of Australian beef exports.
The project is aimed at food & health safety, export security, as well as animal welfare on the continent and the program, will utilise a distributed ledger platform along with state of the art packaging technology and an Internet of Things system in order to create and provide constant real-time data on beef products as well as supply chain performance.
A Blockchain Partnership Made In Heaven:
The goal of this partnership is to make use of the technology to build a multi-faceted framework for enhanced product security & credentialing, according to BeefLedger. Of course, this will also be of great interest to NTI as it means a reduction in risks pertaining to insurance. Many projects of a similar nature have been launched in recent months across Asia-Pacific region as the issue of food safety and credentialing becomes more important.
Back in September, the Wuchang local government in the Heilongjiang province of China kicked off a similar partnership with Ant Financial & Alipay in an effort to reduce food fraud and to restore customer trust in region’s top-tier quality rice products after a series of counterfeiting incidents took place. Also in September, saw the announcement that Alibaba was working towards an anti-food fraud blockchain partnership with PwC, a global consultancy firm with roots in Australia.
A very optimistic NTI CEO Tony Clark said:
“We’re excited by the prospects this presents across several streams of Australian industry: agriculture, animal welfare, transport and logistics. While it’s early stages, we’re optimistic of the outcomes and learning, and what it potentially means for Australian suppliers, exporters and consumers.”
This partnership comes at a key time for the beef industry in Australia, as it’s an important foreign exchange earner for the country and its economy, as the country’s 45 000 cattle producers make it the world’s third-largest beef exporter, following closely behind India and Brazil.
According to Warwick Powell, BeefLedger chairman, this pilot is specifically important because of the wealth rise in China, which has lead to a rise in the demand for beef products from Australia, which in turn comes with all the risks related to food fraud and safety standards adherence.
In Powell’s words:
“Research shows us that ethical standards and concerns for animal welfare, along with authenticity and proof of product origin, are amongst the top priorities for Chinese consumers. It’s also what’s driving consumer interest in Australian products.”
Another day and yet another innovative use for blockchain technology, could this pilot and the many other pilots from industries around the globe lead to the widespread adoption of blockchain technology in all industries? Let us know your thoughts by commenting below.
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