LABUAN: DSTE Capital Limited, Malaysia’s home-grown agro-tech firm, has launched new technology to resolve the challenges faced in the Malaysia agriculture industry.
It introduced the DSTE CHAIN, which a complete ecosystem in the agricultural chain and is equipped with the advanced technology, namely Distributed Ledger Technologies (DLT) system.
This technology enables DSTE to make agricultural processes traceable through food supply chains, at the same time preventing fraud, malpractice and enabling transparency in the supply chains with the aid of blockchain and other innovative technologies.
With DSTE CHAIN and the application of DLT ecosystem, market participants, authorities, and consumers will be able to obtain the information of the agriculture of food produce, from the farm that it was planted, the factory it was processed and/or produced, to the market’s shelf where the consumer will do their purchases. The whole process is documented into DSTE’s blockchain system, of which is decentralised, immutable, and transparent.
At the recent launch, DSTE’s Chief Financial Officer Dr Chin Kuen Liang said blockchain system is changing the way we do business, especially in transaction and asset management.
“In China, people have even started to use smart applications of blockchain system in their smart city, ranging from how we use machines, facial recognition, renting a car to transformation of financial operations of financial institutions, hospitals, companies and even the government,” he said.
“We see a pressing need to resolve food fraud and safety issues in the industry. The lack of transparency and traceability in the food supply chain is often caused by outdated or traditional systems that leads to inefficiency of data sharing.
“In view of this, the demand for DSTE CHAIN with DLT technology emerges.
DSTE CHAIN’s ecosystem is able to trace from farmers, plantation, logistics, to food processing, transportation, retail and consumer. An efficient data sharing not only increases the productivity of supply chain network, but also improves the income of small and medium farmers, who are the backbone of the industry.”
“At DSTE, all data gathered from Internet of Things (IoT), DLT system and smart farming are lodged into DSTE’s blockchain network. With DSTE CHAIN, the trust is heightened as all processes and data cannot be changed or revoked. This rendered data gathered to be transparent and trustworthy, making DSTE’s system irrevocable.”