The Muamalat Newsletter Vol. 2 2023

27 FEM eNewsletter | Dec 2023 Introduction In a world where the global food supply chain is both intricate and vulnerable, the need for innovative solutions to bolster food security has never been more critical. The stakes are high as we strive to ensure that every individual has access to safe, nutritious, and dependable food sources. Yet, the challenges are immense, ranging from contamination outbreaks and counterfeit products to supply chain inefficiencies and the opacity that shrouds the journey of our sustenance from farm to table. Amid these complexities, a beacon of hope emerges in the form of blockchain technology, an extraordinary innovation that holds the potential to transform the landscape of food security. Blockchain, initially designed as the backbone of cryptocurrencies like Bitcoin, has transcended its origins to offer a revolutionary approach to addressing these challenges. Its core attributes; decentralization, transparency, and immutability, can be harnessed to create a resilient and trustworthy food supply chain. The State of Food Security Food security, a multifaceted and global challenge, extends beyond geographical and socioeconomic boundaries, representing the fundamental principle that every individual, irrespective of their background or location, should enjoy dependable access to safe, nutritious, and affordable food to sustain a healthy life. Despite advancements in agriculture and food production, persistent hurdles persist. Availability issues arise in regions where climate change, land degradation, and resource scarcity impede food production. Accessibility challenges marginalized communities and impoverished populations due to affordability and physical barriers. Utilization is compromised by nutrient- deficient diets, while stability faces risks from external shocks like natural disasters and economic crises. Recent years have emphasized food security’s importance as global population growth, urbanization, and dietary shifts increase demands on the food supply chain, necessitating efforts to ensure safety, reduce waste, and optimize distribution. The COVID-19 pandemic revealed vulnerabilities in global food systems, underlining the need for adaptability and resilience (Moseley & Battersby, 2020). Beyond physical aspects, food security also involves social, political, and economic dimensions, including issues like food sovereignty and equitable resource access, necessitating multidisciplinary approaches, innovative technologies, and inclusive governance models to safeguard the fundamental human right to adequate food for everyone, both now and in the future. Blockchain Technology and Food Security Blockchain technology has emerged as a transformative force in the realm of food security, offering innovative solutions to address the multifaceted challenges plaguing the global food supply chain. At its core, SecuringOur Plate: Blockchain’s Governance Revolution for Global Food Security Authors: Khairil Faizal Khairi and Nur Hidayah Laili Faculty of Economics and Muamalat U niversiti Sains Islam Malaysia