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Smart trade hubs using blockchain in agricultural exports
Elizabeth Gracie
Australia’s Future Food System Cooperative Research Centre (CRC) has partnered with BeefLedger and Queensland University of Technology (QUT) to apply lessons learned from trading beef on blockchain ledgers to other agricultural exports.
According to the Future Food System CRC, the multi-stage project will explore blockchain-based approaches to streamlining cross border trade, specifically between Australia and China.
The smart trade hubs project will develop a new and updated digital infrastructure to make cross border food trade between Australia and China safer and more efficient post the novel coronavirus pandemic.
Blockchain technology functions as a distributed database that exists and can be accessed on multiple devices simultaneously. As more sets of recordings are added to it, new blocks are formed which contain a timestamp and a link to the most previous block, thus forming a chain.
Instead of a centralised ledger, the information is shared and stored across users.
QUT Adjunct Professor Warwick Powell, Founding Chairman of BeefLedger believes that using blockchain-based approaches is the most appropriate solution for protecting Australia’s national agriculture exports.
“Getting our blockchain house in order, especially in the food export space, is in Australia’s national interest,” said Powell.
Researchers from QUT will utilise the expertise of BeefLedger in blockchain technology for beef supply chains and will develop a new smart hub for more efficient cross border international trade worldwide, with a case study focus on China.
Over 25% of Australia’s agricultural output is exported to China, making it a worthy candidate for the study.
Professor Powell says that the aim of the project is to expand blockchain-based approaches to trading from beef to other food exporters in Australia.
“The aim of this new, collaborative project is to expand from beef to develop the tools by which food exporters generally can seamlessly access the China market, utilising technologies that are the leading edge of supply chain traceability, product authentication and streamlined cross border payments”.
Urban Informatics and Chief Investigator Marcus Froth said that the Smart Trade Hubs project will boost economic development across regional Australia.
“The project is transdisciplinary in that it brings together technical expertise in blockchain and smart contract development; legal expertise in international trade and governance; and humanities expertise in food provenance and consumer culture,” said Froth.
“The Smart Trade Hubs Project will benefit not just our food supply chain partners and the Australian food export industry but will also support economic development in new ways across regional Australia.”
Stage 1 of the project is due for completion in April 2021.
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