Singapore Boosts a Blockchain-Based Food Safety System

Singapore Food Agency and VeriTAG promote a Food Safety System based on Blockchain Technology.

The Singapore Food Agency and VeriTAG seal a strategic alliance for the creation of a Comprehensive and Transparent Food Safety System based on Blockchain technology.

This initiative is intended to address food safety issues in the food supply chain in Southeast Asia.

The System will have a social impact

This system uses the enterprise open source adaptive blockchain platform from NULS and TradeTrust, provides the possibility to develop a cloud-based tracking network.

“This association shows that Blockchain technology can truly be a conduit for social good and demonstrates the wide range of business use cases,” they point out in the joint statement.

As part of this alliance VeriTAG presented VeriHUB, a Blockchain platform for the export of food, in charge of guaranteeing transparency from the manufacture of the food, to its sale with Veri$HOP.

The latter is a Blockchain-enabled loyalty program.

This joint project is expected to be presented at the Smart China Expo, next September.

How does the system guarantee food safety?

The consensus node in the NULS blockchain will allow VeriTAG to take advantage of the immutable data book.

And in turn, generate participation rewards, to keep the monitoring system active on the network.

Incentives by VeriTAG are loyalty credits awarded for scanning VeriTAG seal labels.

These tokens are exchangeable in the native wallet of the applications for NULS tokens, and can subsequently be converted into Singapore’s digital currency.

Currently Singapore exports 90% of its food products, it is for this reason that the Food Agency of the city-State pays special attention to the quality of the products.

With the impulse of this project, it will be possible to determine when an imported product does not meet the required food safety standards.

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Supply chains and the adoption of Blockchain technology

With all the changes generated in global trade as a consequence of Covid-19, the adoption of Blockchain technology to improve supply chains is imminent.

The Covid-19 pandemic continues to threaten public health, as the world’s economies experience major changes in consumer behavior, patterns, and trade flows.

Faced with this uncertain panorama, importers and exporters are struggling to rethink global trade processes, as well as supply chains.

A situation that contrasts the increase in consumer expenses on certain goods, demand for food, medicines, chemicals and cleaning products.

Due to the uncertainty surrounding COVID-19, supply chain leaders must mitigate disruptions and risks to position their organizations for success through flexibility, creativity, and automation.

That is why in today’s environment, technology plays a fundamental role in managing the entire value chain, anticipating risks and challenges.

Blockchain technology adoption

Companies can leverage data from supply chains to detect inefficiencies, automate decision-making processes, and improve the customer experience.

In this context, the adoption of Blockchain technology continues to increase, with the purpose of empowering, supporting, and eventually automating commercial operations.

According to a Gartner report on Blockchain technology from last year, Blockchain technology will generate more than $ 176 billion in business value by 2025 and $ 3.1 trillion by 2030 worldwide.

Advantages of using Blockchain technology

It provides a more efficient and stable mechanism for tracking data in complex supply chains.

In this way, it increases efficiency and allows human errors to be reduced, as well as allows establishing responsibilities within the chain.

Blockchain technology allows to provide a safe custody of the Items as they move along the chain.

In addition, it significantly reduces the cost of products in transit due to lower documentation costs.

Singapore bets on a Blockchain-based economy

Blockchain Association Singapore, is an initiative that seeks to establish itself as the central nerve of the use of scalable technologies in the city-state and in the world, helping to build a new digital economy.

Dozens of companies already carry out Blockchain activities in Singapore, allowing the country to position itself as a global center in the implementation of this type of technologies.

With the push of the Blockchain Association Singapore, companies operating or entering Singapore will find it easier to take advantage of Blockchain and other scalable technologies to grow and transform their business.

Singapore universities join adoption of blockchain projects

Aiming to strengthen their internal systems and services, Singapore universities are adopting blockchain platforms.

China’s main digital bank WeBank, together with the OpenNodesblockchain platform, make in a strategic alliancewill promote a broad project of innovation and development of distributed ledger technology in the main universities of Singapore.

The purpose seeks to strengthen internal systems and promote better services,  seeking to stimulate research on blockchain technology for the country’s supply chains and financial sectors.

Blockchain and the next generation

The FISCO BCOS platform will organize training spaces with students from the University of Technology and Design, the Nanyang University of Technology and the Singapore Administration University.

“We seek to stimulate talents of the next generation to build viable solutions using blockchain to serve the general public,” said WeBank’s executive vice president and chief information officer, Henry Ma.

WeBank and OpenNodes announced this initiative that is developed as a result of their association and plans to organize meetings such as workshops, hackathons, to raise awareness and create commitment to the projects that are being promoted in universities from Singapore 

The project platform this  was developed and established during 2016, in its initial phase it had the contribution of the 20 main Chinese fintech companies. The next year the project it became open source, and its membership stand up Tencent, Huawei and WeBank, and more than 100 firms too.

Singapore bets on a new digital economy based on Blockchain

Singapore announced the launch of the Blockchain Association Singapore, an initiative that seeks to establish itself as the nerve center of the use of scalable technologies in the country and in the world helping to build a new digital economy.

This new partnership results from the merger of Singapore Blockchain Association with Blockchain Enterprise and Scalable Technologies which were founded in 2018 and now they have been united with the intention of providing knowledge and training in order to carry out the synergy of the digital transformation of financial institutions.

Dozens of companies have already been developing activities in the blockchain ecosystem in the Asian country allowing the country to position itself as a global center in the implementation of technologies of this type.

However, efforts in this area multiplied; the Blockchain Association Singapore established in this first phase as one of its main objectives the literacy of distributed data technology, and for this they are designing professional training programs in conjunction with the Polytechnic from Singapore and the company NTUC under the name Professional Conversion Program.

This seeks to encourage and cultivate sound knowledge about the blockchain towards the digital economy.

In the midst of all these advances, the government launched a contest that seeks to reward those projects based on blockchain technology to encourage their development and use in the country.

The country’s Department of Communication affirmed that this type of technology can streamline business operations, help in government and social interactions or improve public services.

The crisis generated by the spread of Covid-19 has made clear that there is a broad interest from many governments around the world about the need to increase training in blockchain technology.

Singapore increases use of blockchain technology in supply chains

Amid the global crisis generated by the spread of Covid-19, an increasing number of large and medium-sized companies in Singapore are promoting dozens of programs based on blockchain technology to boost their supply chains.

“We see an acceleration of digitalisation in Maritime Singapore, which has improved productivity and efficiency of the sector,” said Quah Ley Hoon, executive director of the Singapore Maritime and Port Authority.

“Blockchain has tremendous potential applicability in areas such as bills of lading, cargo-tracking and trade financing,” added Hoon.

In this context, the World Economic Forum considers the adoption of this technology important to generate a global economic impetus after the pandemic.

A recent report by the agency examines how the deployment of blockchain-based solutions can cope with supply chain inefficiencies and failures that the COVID-19 pandemic has revealed.

The document also emphasizes a series of recommendations with the aim of offering help to governments and companies to adapt their supply chains to the current economic landscape.

Research published April 28 claims that, the resilience of private and public supply chains has been tested amid the coronavirus outbreak; supply chains of pharmaceutical products, medical supplies and foods are mentioned among the most affected sectors.

The report argues that the efficiency of supply chains depends on transparency, and the adoption of distributed ledger technology (DLT) is advocated to create a “common truth” among stakeholders in the supply chain.