Senior management from both the Lotte Data Communication Company (LDCC) and Datametrex signed a memorandum of understanding (MOU) in Korea, witnessed by Michael Danagher, the Canadian ambassador to South Korea, and Sonja Panday, counsellor of economic affairs for the Province of Ontario. The MOU provides the framework that Graph, working with Datametrex and LDCC will work with to develop blockchain supply chain management solutions for Canadian livestock products.
“It’s great to see strategy executed, and with Graph being validated through the MOU, we continue working towards a definitive agreement with LDCC and anticipate exploring opportunities to expand to other related companies,” says Peter Kim, CEO of Graph Blockchain.
What’s the story?
The first known case of bovine spongiform encephalopathy in the Canadian beef market was in May of 2003, when a black angus from a farm in northern Alberta tested positive for the disease. The United States promptly slammed their borders shut, and then 40 other countries followed them. It wasn’t until August of that year that the U.S. and Mexico came around.
The government proposed a solution: all cattle tissues at high risk to carry BSE, in this case the brain and spinal cord, were to be removed at the slaughterhouse from cattle older than two. Canadian Prime Minister, Paul Martin, showed up to throw money at the problem to make it go away, but it didn’t. Since then, there have been 26 cases in North America, with six BSE cases coming from the U.S. and 20 in Canada.
The problem is that it becomes increasingly hard to pinpoint the point of contagion, and blockchain supply chain management could definitely aid with that through its immutable distributed ledger system.
The general idea is that through building supply chain management using blockchain for imported livestock products, the probability that consumers will have safer and more reliable livestock products is much greater. This system will also provide the additional benefit of enabling manufacturers and distributors to respond swiftly should any health issues be detected with these products.
What it does is provide a completely traceable, totally immutable ledger by which each participant in the blockchain ecosystem can see additions and subtractions at every step of the logistical process.
The proposed system is designed to generate information at every stage of distribution through Internet of Things sensors, and also prevents forgery. The secure information will be available in real time to all users, which will allow them to quickly track and respond to any situations that may arise.
Graph has been in ongoing discussions with provincial trade ministries regarding the use of farming and ranching data. As stakeholders in the global food supply chain management ecosystem, Canadian farmers can anticipate opportunities for greater access into Asian markets and an increased demand for their products, all because of the transparency of the system.
Full Disclosure: Graph Blockchain is an Equity.Guru marketing client.
Disclaimer: ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.
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