Blockchain-based traceability and demand for US beef in China

Amid stringent traceability requirements and a nearly 14-year ban, the U.S. beef industry is rebuilding its market presence in China. Blockchain technology offers a responsive means of meeting Chinese import traceability requirements while also addressing consumers' food safety concerns. We evaluate Chinese demand for U.S. beef and blockchain-based traceability and find that a sizeable segment of the market (37%) is willing to pay a premium for U.S. beef that is traceable using blockchains. Results indicate that investments in traceability systems that utilize blockchain technology may be an effective way for producers to capture a significant market share in China.

Automated summary

Amid stringent regulations and a ban, the U.S. beef industry is regaining its market presence in China with the help of blockchain technology. A significant 37% of the market is willing to pay a premium for U.S. beef that is traceable using blockchains, indicating that investments in blockchain-based traceability systems could help producers capture a sizable market share in China.