Australia Post and Alibaba intends to use a blockchain technology-based method to crackdown counterfeit food in China that puts the health of consumers at risk.
Dealing with counterfeit food that puts the health of consumers at risk has been a major challenge, and that is why Australia Post and Alibaba intends to use Blockchain method to crackdown counterfeit food in China.
The Australia Post agreed to partner with Alibaba, the world’s biggest web based business organization, and Blackmores, a well known Australian natural health agency to investigate blockchain technology to check the ascent and origin of fake foods sold to China without the knowledge of the authorities.
The initiative is hoping to build up a blockchain means to enhance tracing of food products from origin, AusPost being a renowned food supplier to China. Counterfeiters have remarkably targeted prevalent Australian fare, for example, brew, honey wine, nuts cherries, and health supplements, as indicated by an announcement.
AusPost is an entirely government agency situated in Melbourne and accountable for postal services inside Australia and within the foreign territories.
The initiative will help ensure certified food products to land in China, as indicated by Bob Black, who is the executive general director for packages at AusPost.
The leaders stated that the initiative would use their secure, reliable and quick service to promote the validation of Australian products destined to the China market.
During the announcement, they revealed that counterfeiters have become tricky to apprehend because of the coordination of dealing with fraud in foreign regions being a major setback. Corruption and inappropriate food material has made consumers loose trust, with many suggestions being given on the trade.
The venture will hope to build up a blockchain record that will write down a whole inventory network transaction.
The move will track food from source to the plate, giving the inventory network, Black expressed.
With an immutable, tamper-verification, time-stamped record, participants will have the capacity to ascertain the whole food processing and supply to the final consumer. Providers can ascertain when, where and how the food was made before following its adventure through the technology. State-of-the-art reviews and expanded transparency amongst consumers and producers are likewise noted as advantages by the AusPost.
In September 2016, the Wave and Barclays, a Fintech startup from Israel came up with claims to the world’s first global trade store network transaction powered by the blockchain technology. Margarine and cheddar worth about $100,000 were exported from a rural co-agent in Irish and an exchanging organization in Seychelles.
The initiative hopes to achieve their goal on time so that to protect the health of consumers and promote legitimate trade.