Malaysia: Agro-Tech Firm Develops Blockchain Platform for Safer Food | BTCMANAGER
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STE Capital Limited, Malaysia’s home-grown agro-tech firm, has launched a blockchain platform to resolve the challenges faced in the Malaysia agriculture industry. This according to a press release published July 31, 2019, by Malaymail.
The Food Industry in Malaysia
Malaysia is a tropical land full of natural resources that add flavor and variety to the research, cultivation, and processing of foods. Nevertheless, during the process food fraud can take place at multiple points along the supply chain. This can include criminal activity such as mislabelling, substitution, counterfeiting, and adulteration of foods that lead to significant food safety risks, which in turn compromises the health of consumers.
For these reasons, food fraud presents major challenges for the food industry to protect brands and reputations, as well as minimizing risks for consumers. One of the novel anti-fraud technologies that the industry is increasingly turning to is blockchain; this is largely due to its permanent and tamper-proof digital ledger can be integrated with the supply chain process.
One of the latest solutions has been planted by DSTE Capital Limited, Malaysia’s home-grown agro-tech firm, which developed a blockchain platform named DSTE CHAIN to help businesses to track agricultural products while also improving transparency.
DSTE CHAIN aims to substitute the outdated and inefficient traditional systems used for food fraud detection by replacing them with advanced technologies such as distributed ledger technologies (DLT), Internet of Things (IoT), smart farming and other innovations.