Essay Example on A blockchain is public ledger of all Transactions

A blockchain is public ledger of all transactions or digital events that have been executed and shared among participating parties Each transaction in the public ledger is verified y the consensus of a majority of the participants in the system Once data entered it can not be modified or erased The blockchain contains a certain and verifiable record of every single transaction made In basic analogy it is easier to steal a product kept in secluded place than stealing the product kept in a market place being observed by thousands of people Blockchain technology is non controversial and has worked without any defects from many years and is being used successfully in both financial and non financial world applications Blockchain network lives in state of consensus one that automatically checks in with itself every ten minutes It is a kind of self auditing ecosystem of a digital value the network reconciles every ten minute interval Each group of these transactions are called Block The main properties in this are Transparency and Incorruptible Advantages of blockchain Empowered users High quality data Process integrity Transparency and immutability Ecosystem simplification reduces complication of multiple ledger Lower transaction charges Disadvantages of blockchain Uncertain regulatory status Cultural adoption Cost high initial cost 

Meat industry and using Blockchain technology Modern meat industry is under the siege of large chains Producer distributor consumer model A producer cannot directly sell to its consumers So having enough quality of food gives us the sense of society For a farm level producer to a contract level producer or a commercial producer using this technology will help to avoid risk and make the farmers life easier Even the intermediaries and trusted third parties intervention will be eradicated If a producer processor or a seller want to emplacing a different kind of certification they can implement block chain for the tracking of products at any point of supply chain written on time The blockchain tossed system will display supply chain data to the potential layer It helps by tracking the origin and document its equally for a buyer it helps to reduce food supply chain brand and to help the business to be more comfortable with public blockchain protocols By implementing the block chain into the production processing and certification steps it creates transparency It particularly helps for organic and certified origin products In current shopping trends shoppers want to know where the food comes from Producing the shopper with trustworthy information at the point of sale helps the brand to trust Simply saying gather the story throughout the chain 

Quality certification and origin A healthy society is built on cornerstone of trust Even our everyday relationships are centered around trust There are many problems which harm peoples health and destroy their trust according to that Food fraud is sinister vastly profitable and a very real occurrence and you won't find evidence of it by picking up a product and checking its label Two examples what we called food fraud are Inescapable European horse meat in 2013 and Melamine milk incident in China To eradicate this type of system Blockchain technology can be used by Even if products are certified one cannot make sure companies meet these requirements since no chain of events can verify this exists Food industry has integrated the use of certifications widely However the industries require traceability through the entire supply chain Electronic identification EID of animals is necessary which is done on a limited number of farms Further development of EID is expected By using this type of code and shared in the block chain So that every customer who purchases the product from that particular brand can trace the details of the animal Unique Id is given to each animal in which it is tracked the whole life history of the pig Each and every details of the animal will be noted under this ID like weight of the animal when born does it have any disease what type of feeding is given weight of the animal while growing etc 

By using this code both customers and company get benefited By using blockchain technology some of the problems like traceability issues can be solved Data stored in this technology by chronological order and can not be manipulated By using this we can track the product flow from loading at a supplier to receiving to stores We can do this by integrating technology to a smartphone application Where scanning can be done through the phone camera and linking it to the information from barcode to blockchain There are also some challenges to overcome to implement this technology like cooperation between all the parties who are involved motivation of users of application in smartphone system integration between different IT systems By using this technology it will be more advantage in achieving tractability This can be checked by any individual who is involved can check at any point of time as it can not be modified or manipulated By this we can strengthen the relationship between existing customers and to attract new customers