Professional service network and accounting organisation Deloitte has said that a data technology innovation known as ‘Blockchain’ could “transform” the Irish beef supply chain.
The firm claims that traditional supply chains need to be changed in order to meet the requirements of an increasing global demand for beef.
According to Deloitte, this means there is a greater need for end-to-end traceability, as well as quality and safety assurances – things which would be easier to record and check if data technology was improved.
In a recent report entitled ‘Beefing up Blockchain’, Deloitte proposes the way to achieve this is by using Blockchain – a system of recording data that is ‘secure by design’, meaning it has in-built measures to prevent data being altered.
Deloitte’s report focuses on the beef industry in Ireland, and the benefits that Blockchain can bring to the sector.
Among these benefits, according to the report, are reduced costs in the supply chain, achieved by enhancing data communication, improved quality assurance, and more ‘streamlined’ import and export processes.
Deloitte says that safety and traceability will also be improved with this technology.
The report goes on to state that Blockchain’s “innate” transparency will ensure that traders are observing agreed standards and procedures, and that the stores of data will lead to an easier audit process.
This will, apparently, provide farmers with “greater transparency across the food chain, giving them access to valuable information”.
However, the report insists that the application of the technology “must be seamless”.
“Existing farming practises should not be disrupted in order to enable adoption, nor should farmers be hit with large financial burdens,” it said.