Blockchain Technology and the Potential Applicability in the Feed Industry - Condensed

Abstract

Blockchain applications offer the feed supply chain incredible benefits and efficiencies in the goal to improve feed safety and animal health. The power of utilizing blockchain technology in feed supply chain transactions is in allowing parties to trade in the absence of a mediator or trusting relationship. This is the cornerstone of all blockchain applications - secure trading of ‘things’, both physical and virtual, without middlemen and historical relationships. However, implementation of the technology will experience hurdles and will require consensus among the industry for standards and methods of data collection and sharing. In addition, the cost of entry to access the data and who will pay for it will be a driving factor in the success of blockchain technology adoption. And finally, it should be recognized that blockchain applications depend absolutely on the reputability and accuracy of the data included in the blocks that are recorded in the chain.