According to the latest report, a leading software company Oracle is collaborating on a project with World Bee Project (WBP) to develop a blockchain based smart solution that would be that would track the course of honey’s supply chain.
The use of blockchain technology for supply-chain projects isn’t something new. As, several FinTech startups have previously employed blockchain technology to track logistics and supply chains of various consumer goods such as food, textile, and so on.
Now, in this joint venture of Oracle and WBP, a supply chain tracking platform based on the Distributed Ledger Technology (DLT) is being developed that will ensure that the produced honey is from eco-friendly and from a sustainable source.
This announcement is made at a time when all over the world the honey market is combatting against the adulterated and fakes products, hence further intensifying the need to have a transparent tracking solution for the honey’s supply chain.
Reportedly, both companies are to launch a label “BeeMark” that will ensure the genuineness of the honey and its source. Furthermore, both entities will be able to upload data on the DLT platform. As the uploaded data on the database of blockchain is immutable, hence it would ensure the traceability of the honey.
It is worth noting that WBP and Oracle have previously collaborated in a similar capacity that was to ensure the authenticity and legitimacy of honey products. Now, the issue that is being addressed is the genuineness of the honey products, as, both the platforms are looking forward to solving the problem of honey bees sustainability.