South Korea’s largest telephone company and Nongshim Data System (NDS) an IT affiliate of the food and beverage company signed an agreement to develop a blockchain-based food and safety record system. Oracle and Nestle have also begun developing similar blockchain-based systems to keep track of product every step of the way, to ensure that they haven’t been tampered in any way, allowing consumers to access this data.
These companies are affiliated to a food and beverage company and have joined forces to create a blockchain-powered food safety network to achieve transparency in the distribution process of agriculture products-and processed foods. The solution will be applied to the entire distribution process, from production to final sales, guaranteeing immutability of the date. This is to make the process easier to control data on food production, so that productivity can be improved. Blockchain technology would become advantageous in terms of efficiency and costs.
The NDS has already shown how efficient and reliable blockchain technology can be, using it as an agriculture recod system. In fact, after testing the system on a meat distribution chain, controlling the processes of slaughtering, packaging, and sales of the product using Internet of Things (IoT) equipment, it was confirmed that the traceability time was reduced from six days to less than 10 minutes.
The company’s plan on building the platform to allow users to scan QR codes available at the market to fully see the process via blockchain technology. In spite of anti-crypto legislation, the South Korean government is supporting blockchain adoption, following a tradition of forward-thinking openness to new technologies. The South Korean government has taken an interest in working with this technology to issue hazard analysis and critical control points certificates on the blockchain in South Korea.