Blockchain in Agriculture: Are We Ready?
As the educational leader in industrial blockchain, TerraHub was recently interviewed by the Alberta Farmer Express (Glacier Farm Media) to discuss blockchain and its impact to the industry.
The brave new world of blockchain, Digital traceability has suddenly been thrust into the food sector, by Jeff Melchior
Here is a short excerpt from the interview with Elena Dumitrascu, Co-Founder of TerraHub:
“Blockchain uses something called ‘distributed ledger technology’ to establish transparency. A blockchain can be as public or private as its designer wants it to be, said Dumitrascu. A supply chain-based version would likely only provide access privileges to private material on a need-to-know basis, she said.
“Maybe you see who bought what — but you don’t see how much they paid to receive, say, three head of cattle,” she said. “The consumer may be able to see what farm it came from and where it was processed. But some details about the transaction would still be kept quiet to retain competitive advantage and for other private business reasons — things that myself as a consumer don’t really need to know.”
TerraHub tells its business clients to use a private blockchain to ensure it’s not “creating any unnecessary business exposure.” In such a system, each participant only shares the data deemed necessary to make transparency work.
“We get to keep our own databases (private) while putting in pieces of information that helps us collaborate faster and make sure that collaboration happens in a way that’s beneficial to everyone in the network,” said Dumitrascu. “There could be a number of pieces of my business that never get transacted through the blockchain network.”
Thank you Jeff Melchior and Alberta Farmer Express for chatting with us!Read More