The Russian republic of Tatarstan has launched a cryptocurrency dedicated to tracking and verifying beef.
ITcoin, which is Russia’s first sanctioned purpose-built cryptocurrency, launches today and will bring the benefits of Blockchain to the local meat processing industry.
“Low volatility allows ITcoin to be used for settlements – basically a form of commodity barter relationship in which all participants are fully protected,” the currency’s creator Denis Ryndin told local news resource Biznes Online.
Parent company Infinans, which developed ITcoin’s business model, is also set to become a resident project of a business incubator scheme offered by Tatarstan’s second-largest city, Naberezhnye Chelny.
Beyond the exchange process, Ryndin intends to use Blockchain technology to microchip cattle to track their health and condition online.
“With the help of a QR code it will be possible to discover the history of [a piece of] meat,” Biznes Online adds paraphrasing Ryndin.
“The transparency of the process, in turn, increases investment confidence in agriculture.”
Russia’s central bank intends to launch its own analogue of Bitcoin in future, while also regulating cryptocurrency next year.
Consumer habits are also changing, with the country’s Burger King outlets in Moscow launching Bitcoin payments with plans for expansion.