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Blockchain tech digitises Aus dairy industry
Elizabeth Gracie
Australian dairy farmers will now be able to take advantage of blockchain and distributed ledger technology that will improve data accuracy and verification to improve supply chain performance.
The decentralised, peer to peer blockchain ledger network will enable farmers to keep records of all contracts, milk that has been ordered and delivered and milk quality testing results and payments.
They will also be able to access information regarding shared businesses relationships, smart contracts and create ledgers with potential business partners, all whilst keeping their own individual ledgers private and secure.
Minister for Agriculture, Drought and Emergency Management David Littleproud
Said that the use of blockchain may help the industry not only manage information but build trust, transparency and efficiency between dairy farmers and processors.
“Blockchain can assist in providing a shared view of the truth about business transactions,” said Littleproud.
“All sides know they are all looking at the same records and the history of their business relationship.
“Open, transparent and trustworthy systems are important for long term sustainability and global competitiveness.”
Australian Dairy Farmers President Terry Richardson said that the use of blockchain technology would play an important role in increasing the profitability and efficiency of the Australian dairy industry well into the future.
“The transparency and security of shared information using blockchain technology will demonstrate provenance and reduce costs to compete more aggressively in local and global markets,” said Richardson.
The implementation of advanced blockchain traceability systems will also ensure Australia maintains its clean, green and safe food image, whilst also continuing to boost international export opportunities for farmers.
“This blockchain technology will continue to give Australian Dairy products a competitive edge,” said Littleproud.
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