Blockchain for the Meat Industry: Where and How?
This project aims to explore the use of blockchain technology for the red meat industry. Blockchain technology, which underpins digital currencies (e.g. bitcoin), provides the ability to record sequential events and their timestamps throughout a supply chain. Its availability and maturity present significant opportunities for any supply chain where products need to transact through different parties with different trust levels, and at different times. With this in mind, the first element of this project consists of a mapping exercise of the red meat current supply chains. A clear understanding of the three flows within these supply chains – physical product, information and finance – will provide the opportunity to critically examine them and, subsequently, to streamline operations and eliminate redundancies. During this process, lessons from success in other supply chains can be incorporated. A key addition to the streamlining process is the investigation of the use of blockchain technology. Specifically, it will centre on where and how it can be used to better understand the operation of the meat supply chains with the associated potential benefit to the whole industry. Return on investment analyses will be constructed based on different scenarios depending on the technology use.
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