Lack of reliability of horses’ background information is a wide spread problem today. This becomes an issue due to the fact that while trading horses, the value is determined largely by the horse’s pedigree and medical history. The fake information can play a big role in influencing the buying decision leading to high value transactions. We wanted to see if the blockchain technology can help reduce potential high value frauds by addressing some parts of the problem through creating immutable records of the horse’s history based on multiple stakeholders for e.g. ownership history, various veterinary certificates etc. We also wanted to see if the idea could be reused for other use cases for e.g. dogs.
We developed the concept and a prototype with an online horse marketplace (inspired by Ebay) utilizing Ethereum Blockchain, Smart contracts and BandID to help users with the trading process and record each transaction through the Blockchain. The Blockchain could record horse history, veterinary visits, vaccination, illness, injuries and pedigree.
The solution allowed us to learn about various important aspects to consider when applying blockchain to such an industry for e.g. privacy issues, GDPR, roles of various stakeholders, handling previous information etc.