Blockchain Technology for Trustworthy Operations in the Management of Strategic Grain Reserves
2021
Adnan Iftekhar | Xiaohui Cui | Yiping Yang
Food is a daily requirement for everyone, while production patterns are seasonal. Producing sufficient nutrients is becoming more difficult because water and soil resources are already stressed and are becoming increasingly strained by climate change. Improving food security requires expertise in various areas, including sophisticated climate models, genetics research, market and household behaviour modelling, political shock modelling, and comprehensive environmental research. Additionally, governments stockpile grains to enhance national food security. These reserves should engage in markets only according to clear and transparent regulations and within defined price ranges to facilitate market functioning. It increases the demand for better technology in public administration to boost the management and distribution capacity while concentrating on improved controls and transparent governance systems. Blockchain technology emerges as a promising technology to enhance visibility, transparency, and data integrity with an immutable distributed ledger to increase trust in the parties’ business transactions. This paper discusses blockchain technology and its potential role in strategic grain reserve management.
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