Australian software developer uses blockchain for local food industry

Baozou Comment : Supply chain management has always been a global problem, which is why blockchain technology is so popular. Because its distributed ledger technology can provide unalterable, uniquely correct, open and transparent records of facts. There are many similar blockchain technology research and development projects in the field of supply chain management. Australian technology company Full Profile has positioned its research and development direction in the local grain industry, an industry that is closely related to everyone, and its practical significance is naturally self-evident.

Translation: Annie_Xu

A Sydney-based technology company says blockchain technology could help grain growers solve many problems by increasing the integrity of the entire food supply chain.

Since the grain industry was deregulated in 2008, growers have faced more payment risks; goods legally change hands but they are not paid for them.

Come harvest time, Full Profile will conduct a trial using blockchain’s distributed ledger technology, targeting the grain industry.

Often associated with cryptocurrencies like Bitcoin, blockchain is a network of computers that access the same database of transactions, with copies of the data being shared.

Because blockchain can record detailed information about every transaction in the entire supply chain, Full Profile believes that the food industry is ideally suited for it.

Food buyers and sellers can access relevant information, including information on similar transactions, and therefore have a more complete understanding of fair price levels.

For growers and traders, the main features of blockchain, such as real-time payment and settlement, allow growers to get paid instantly.

Emma Weston

Emma Weston, co-founder of Full Profile, said:

“It also means more transparency.”

"For the buyers and banks involved, it means timely updates of all transaction information, pricing solutions that are closest to the latest market value, and zero inventory coordination."

Startups around the world are already using blockchain to improve food traceability and provide concrete proof of origin.

British startup Provenance uses an open ledger to provide buyers with a fully transparent record, allowing end users to understand the processing process of each food ingredient.

FarmShare, a US company, uses blockchain to trade cryptocurrencies, which are used to regularly purchase crops from neighboring farms.