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Maruhan Bank to launch agriculture blockchain platform

agriculture, Maruhan Bank to launch agriculture blockchain platform

Maruhan Japan Bank Lao recently announced that it has partner with IT company JLS and Muang Lao farm to soft launch the first online blockchain marketplace for agriculture products.

What is Blockchain?

Blockchain is a shared, permanent ledger that eases the process of registering transactions and tracking assets in a business network. 

An asset could be tangible (example: a house, car, piece of land, or even cash) or intangible (intellectual property on arts, patents, copyrights, brand name). 

Literally, anything that has value can be tokenized, tracked, and traded on a blockchain network. The permanent state of the blockchain reduces the risk and the cost of trades.

Blockchain is instrumental these days as we live in a world where information is the steppingstone of every business. Information needs to be accurate and accessible immediately.

Using Blockchain for trading assets allows companies to get access to instantaneous, immutable, and completely transparent information.

A blockchain network can be used to track orders, payments, or supply chain. All stakeholders share a single view of truth which makes the whole process risk-free and transparent.

Blockchain for tracability

At the age of globalization, the food supply chain can be extremely complex with plenty of different stakeholders ( farmers, distributors, retailers, consumers) involved.

Blockchain is built to record all transactions in an immutable way and give access to every stakeholder to the transaction backlog as soon as these are recorded into the network.

Blockchain helps F&B companies to trace the supply chain from the farm to the factory to the store where the product is sold. If a batch has been contaminated, the blockchain helps companies efficiently backtrace the cause of the problem and communicate quickly to all the stores that did sell the bad batch to their customers. 

More and more shoppers nowadays want to eat healthier and eco-friendly. There are worried about how their food is processed and what the carbon footprint is to produce this food.

Thanks to the blockchain, customers can get full traceability on the products that they purchase and ensure that they comply with their moral and dietetic standards.

In neighbor country Thailand, blockchain helps Thai rice exporters survive in a very competitive market. By offering complete traceability through the blockchain, Thai rice gets a competitive advantage that should have a direct impact on the order book.

Blockchain in Laos

Cryptocurrencies is just one of many application leveraging the power of blockchain. With the government’s recent move to grant licenses for cryptocurrency trading and mining, it is very likely that investors are going to look at Laos as a land of opportunities for blockchain projects. The technical skill shortage in Laos will be one of the many challenges that local companies would have to overcome to implement and operate blockchain-based applications. Still, it is an amazing opportunity for the country that saw his economy affected by the pandemic and need now more than ever to turn the page and prepare a bright future for his citizens.

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