What is $BEEF (the means of payment token)?
The BeefLedger Means of Payment Token ($BEEF) is a key component of giving life to credentialed provenance, and capturing and transmitting value that arises from the data that backs up the claims about food quality and its attributes. It is an ERC-20 token tracked on the public Ethereum blockchain, and is a means of payment token.
$BEEF is the means by which consumers can purchase beef that has been credentialed by the BeefLedger blockchain system. Without $BEEF, consumers cannot be sure of the provenance of the product. Other system users (e.g. abattoirs, transporters, graziers etc.) will benefit from streamlined payments made possible by the blockchain.
Who stands to benefit from using $BEEF?
Using $BEEF to enable transactions in the supply chain will give users access to exclusive data layers, which will provide the provenance proofs that give consumers peace of mind.
For consumers, that’s data on everything you’d want to know about the meat … where it came from, where it’s been to, who’s handled it along the way, what it’s eaten and ultimately, how it was slaughtered
For producers, it’s about being rewarded for production excellence. The $BEEF is the means by which investments in better farming methods, more ecologically responsible practices and achieving high levels of certified animal welfare is acknowledged and rewarded.
For processors and everyone else along the supply chain, it’s about ensuring a fair and stable business environment with visibility on what producers are providing and what consumers are demanding. BeefLedger will deliver to all the participants along the chain a smoother payments system, which will reduce the costs and uncertainties of doing business.
For regulators, the $BEEF is the transmitter of credentialed auditability … with biosecurity issues always at the forefront of regulators’ minds, not to mention compliance with labeling and associated requirements, we are able to deliver visibility throughout the participating supply chain to domestic and international regulators.
What are the use cases of $BEEF?
Purchasing “real products” e.g. boxed beef;
Purchasing DAI-certs (ERC721s) as part of transactions for “real products”;
Purchasing and trading collateralised supply chain Digi-Units (regulated securities);
Submitting credence claims and data proposals;
Participating in Governance (e.g. data validation votes and signing multi-sig authorities);
Purchasing product distribution rights;
Producers paying to access feedback from consumers to improve their product;
Producers paying to access in-depth consumer and demographics and analytics data; and
Referral fees paid to a consumer by other consumers for referring specific producers.
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