To tackle food security in the face of a growing number of food contamination and adulterated cases around the world. Singapore-based manufacturers of beverages, sauces, and ingredients for baked goods are counting on blockchain-enabled services to provide food security to its ardent clients and customers.
This latest development is to provide everyone in the supply chain, from them (the manufacturers) down to the final consumers with information about its activities – from the sourcing of raw materials to delivery of products.
In this light, Certis Group, a Singapore-based startup who is into digital security has developed a means whereby IoT devices can be used to capture items which are then stored on a distributed ledger just by scanning QR codes. Now Consumers can access this information about purchased food items, both for organic and halal offerings and be assured of its authenticity by scanning codes printed on them.
“Companies will also gain a competitive advantage by providing consumer assurance, and need not compete solely on price and quality,” Fuji Foo, the vice-president for business digitization at Certis Group, explained in his statement.
Foo further added that this system presents no room for fraud whatsoever, as those who are granted access to the blockchain-based platform will include suppliers and distributors only.
SMC Nutrition has been chosen alongside a specimen bank and two other organizations to test this blockchain based service. Certis Group, on the other hand, will also be working with the specimen bank to make sure information entered to the system are captured accurately. Foo explained that this would help bring human errors on the system to the barest minimum and ensure recorded data are accurate.
According to past analysis, Netscribes, a market research firm, had estimated the growth of blockchain technology globally to be 42.8% by the year 2022.
The Asian- Pacific region is expected to adopt this technology at a faster rate owing to its broad adoption in China and India. However, record shows that North America in 2016 had been frontiers in blockchain tech adoption. Nevertheless, the speed at which the Asian-Pacific regions embraces blockchain is impressive, most especially China and India. So we could see any of this countries taking over in no distant time.
The Singapore government is doing everything in its powers to support blockchain and related technologies, and because of the country has favorable laws towards cryptocurrencies, the likes of ImToken and other crypto startups establishing their presence in the country.