Blockchain technology could be the answer to the woes of the beef industry, according to Deloitte research.
Global demand for beef continues to grow, with the global production of beef and veal set to reach 63m tonnes this year. This increasing demand is coupled with a number of challenges facing the beef
industry, particularly in an Irish context. A new report from Deloitte, Beefing Up The Blockchain, identifies several ways blockchain could improve the beef supply chain.
Aberdeen Angus – a well-known Irish beefbred in Ireland and grass-fed. With the integration of
traditional pasture farming and advanced technology, the cattles are fed to be of high quality and more tender.
According to the report, beef accounted for a fifth of Ireland’s €12.6bn food and drink exports last year. Despite the volatility of sterling due to Brexit uncertainty, the UK remains the primary
destination for Irish beef. The value of Irish beef exports grew by 5pc in 2017.
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Deloitte outlined several ways blockchain can change how businesses interact with customers and each other, providing differentiation and a competitive advantage for those who take it on board.
At present, the diet plan of Irish cows is predominantly grass-based, supplemented at times with grains. There is no clear definition of what grass-fed means and it can cause
consumer confusion. Blockchain could communicate with existing smart farming devices to provide clarity on the animals’ diet, providing an immutable audit trail.