China International Big Data Industry Expo 2017, highlights blockchain used in food supply chain

China International Big Data Industry Expo 2017 (“Expo”), sponsored by MIIT and cosponsored by the Guiyang government, opened in an international conference & exhibition center in Guiyang, Guizhou on May 25, 2017. The Expo first introduced the blockchain among the highlights.

Culminating in a blockchain-themed summit, the Expo highlighted the presence of top-notch scientists and mentors from the globe, including digital economy founder and Blockchain Revolution author Don Tapscott, Harvard University lifelong professor and eminent global mathematician Shing-Tung Yau, Ethereum founder Vitalik Buterin, Hyperledger Vice-president Julian Gordon and ConsenSys founder Joseph Lubin.

Attendees concentrated on the globally trending blockchain technology expected to usher in the “Internet of value”. Discussed were the blockchain concept, its origin, deployment, future, supervision and benefits to the general public. The summit also dealt with the development, commercial application and industry strategy of the blockchain in order to broaden application, including in socioeconomic development.

Xcener Blockchain, a Chinese high-tech startup among the invited, was honored as the “Chinese Frontrunner in Food Security-related Big Data Technology” for the application of food blockchain-based tracking.

Xcener Blockchain has introduced the new model of supply chain tracking coupled with data storage. Blockchain data are virtually tamper-proof, so food data are timestamped and tracked in the process from beginning to end. Users may access data real-time to stem food fraud effectively. Xcener Blockchain also keeps record of food production and sales data on the blockchain which are stored as farm digital assets. Blockchain-stored data are acknowledged by famous banks in the U.S., Japan and Singapore, such as Goldman Sachs, HSBC and Mitsubishi Bank.

When a farm needs bank borrowings or desires to do international trade, the credit or trade can be handled through the medium of Xcener Blockchain-stored digital assets. At the same time, Xcener Blockchain used smart contracts on a large scale. In production, hardware devices collect water shortage data in a field and actuate sprinklers automatically through smart contracts; in trade, delivery of goods is confirmed and payment settled instantly; in process monitoring, a transaction will be terminated immediately when an incident happens in the process. At every link of the chain, a smart contract saves on management cost for farms and brand owners.

Xcener Blockchain has partnered with more than 500 quality farms and brand owners in 17 countries to service 872 kinds of products covering agriculture, forestry, livestock farming and fishing. It also owns more than 5 million pieces of UID information.

Now food safety is not a concern limited to China. It’s global. The Food Products Association (FPA) released a report, citing a $10-15 billion loss caused to the global food industry by food fraud as organized international crime increasingly has a finger in the pie. Blockchain-fortified food security promises to be the mainstay of future agricultural technology.

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