South Korea has announced its plans to utilize blockchain technology to track the entire beef supply chain. It will conduct the pilot project in December 2018, in association with the country’s Food and Rural Affairs. Later in January 2019, it will formally implement the technology. The Ministry of Science and ICT and the Ministry of Agriculture will also join hands in the process.

Currently, the country uses a paper based reporting method for tracking the cattle information from birth to slaughter. The system also documents the details from packaging till distribution. However, the traditional method has some constraints such as time and resources. Above all, the tracking process is not fraud proof and has the risk of bogus certificates creation. According to the company, the new blockchain-based system will put a halt on fraud practices and improve efficiency of the process.

Kim Dong-yeon, the finance minister of South Korea, has stated that blockchain has the potential to revolutionize the world. The South Korean government has plans to invest one trillion won (£693m) into innovative technologies such as blockchain and AI.