On 25th February, our CEO & Co-Founder, Rene Bernard participated in the BV@M’s blockchain awareness program as one of the guest speakers, where they addressed the “Halal Meat Cartel Scandal in Malaysia”. This issue arose in December 2020, where the news regarding the fake halal meat cartel in Malaysia broke out, a frozen meat importer allegedly involved in the meat cartel scandal for using a fake halal logo on its product. This matter has triggered a group of experts who control the halal supply chain and has created the urgency for the government to address these issues.
I2M Ventures Sdn Bhd took the initiative by organizing a blockchain awareness campaign on Meat Cartel Scandal and has invited a few experts from this field. The session went smoothly where those aspiring speakers shared their thoughts on what should be done and what is the next step to curb this matter from happening.
Some of the main points mentioned by Rene on how blockchain technology can aid in controlling this issue are:
- It helps improve the traceability of the products
- A decentralized system that exists between all permitted parties, there’s no need to pay intermediaries and it saves time and conflict
- Complete information about the item and their supply chain path right from the source to the point of consumer purchase
- Blockchain is a data provenance – the documentation of where a piece of data comes from and the processes and methodology by which it was produced
There are already existing local blockchain technology players that provide traceability & tracking solutions for food (including halal). However, lacking in the awareness and adoption area and enforcement (including the enforcement processes) from the government is affecting the growth of the Halal Blockchain industry in Malaysia.
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