Australian companies have noticed that clients both foreign and domestic are willing to pay a premium for Aussie quality – and the Australian Government has invested over AUD 150,00 into blockchain technology for Australian Food and Drink industries.
Measures have been taken to prevent the continuous loss of AUD 1.7 billion yearly, out of $50 billion worldwide, according to investigative reports published by Food Innovation Australia – and now the official announcement regarding the technology to be used is here.
The transparent, immutable nature of blockchain technology would allow Australian businesses to create unforgeable digital certificates in order to protect their products and brand.
In addition to discussing the potential use cases of blockchain technology in Australian supply chain applications, Australia’s first blockchain-based Cooperative Research Center has raised over $60 million in order to push blockchain adoption through Australian startups.
National Australian QA Blockchain Teams Up With Highly Scalable Hedera Hashgraph Technology
Entrust – Australia’s first comprehensive agricultural supply chain platform – has announced it will operate on Hedera Hashgraph, the enterprise-grade distributed ledger.
Launched last Sunday by South Australian Premier Steven Marshall, Entrust hopes to live up to its name by growing trust in the high-profile wine and dairy industries.
Entrust will allow farmers and winemakers and map the movement of primary products all the way to factories and processing plants, and from there on down the supply chain until the shop.
The tracking will be carried out through a combination of time-stamping, geolocation, and the transparent immutable storage of key events. Hedera Hashgraph offers improvements in speed and security when facing off against decentralized first-generation blockchains.
Mance Harmon – the CEO of Hedera – commended Entrust for taking the necessary steps to ensure accountability in an already thriving food industry.
“Entrust’s successful initial pilot with the wine industry, and strong early demand from other agricultural sectors, demonstrates the pent-up desire by producers and consumers to have more visibility into the provenance and lifecycle of our food and drinks.”
With this partnership, fraud in Australian agriculture will be virtually eliminated – all because of technology running on GPS-enabled smartphones and the creative thinking of innovators worldwide.