Blockchain has the potential to revolutionise agricultural supply chains, and the technology is already becoming a reality for the Australian grains industry.
AgriDigital is a cloud-based, multi-participant, commodity management platform at the forefront of blockchain technology for the grains industry supply chain.
“The idea behind blockchain is that it can bring all the participants across a network together to share in and collaborate around certain pieces of information or data that pass through that chain,” she said.
“A key area for farmers, and indeed all sellers, in the supply chain, will be the speeding up of payments, so actually reducing the amount of settlement time, the latency that sits within the supply chain.”
The success of the blockchain technology is dependent on its adoption by all users in the supply chain, and AgriDigital is taking the steps to bring the key grain industry players together.
“We’ve developed a digital commodity platform that tracks the physical commodity from the farm all the way through to the consumer out into the marketplace.” Ms. Weston said.
“We have got 1750 active users and another 5000 casual users on the platform.”