Online grain-tracking boost
Founders of an agriculture start-up claim their business is the first major Australian blockchain project to receive a slice of a $90 million global investment fund.
BlockGrain is an online platform allowing farmers, brokers and logistics companies to track their grain through the supply chain.
It has more than 1000 users across Australia and was created by by fifth-generation Queensland farmer Caile Ditterich in 2014.
BlockGrain will investigate in blockchain technology into its operations by the end of the year, after last week raising the then-equivalent of $1 million in cryptocurrency XEM through the not-for-profit NEM blockchain investment fund.
BlockGrain co-founder and chief executive Mr Ditterich said the start- up was looking at NEM technology to provide greater visibility within the agriculture supply chain.
A blockchain allows the transactions to occur online without a central authority.
Rabobank agricultural analyst Wes Lefroy, originally from WA, said Australian businesses were starting to “test the applications of blockchain technology locally”.
“A pilot between CBH and Agridigital in August 2017, and a separate proof of concept transaction by Rabobank in partnership with Agridigital, are examples of businesses starting to test the applications of blockchain technology locally,” he said.
“Additionally, internationally we are starting to see more and more pilots and collaborations.
“One of the major opportunities in using blockchain as a tool, is that we can really promote the safe and ethical production of Australian produce, particularly into overseas markets.”