Blockchain technology is becoming a popular method of tracking supply chains in Australia.
Blockchain is a form of distributed ledger technology (DLT). It’s decentralised, permanent and effective. Until recently, blockchain was discussed in small circles among technology enthusiasts. Now, it is becoming more accessible to the ‘ordinary’ Australian.
On the rise in Australia
Big Australian companies are exploring blockchain as a method of tracing transactions.
Among them are ING, BP and Shell. In addition, Australia’s major banks – Commonwealth, Westpac, NAB, and Macquarie Bank – are currently testing a system that brings blockchain into the financial markets.
Companies like Hastings Technology Metals, a mining company based in New South Wales, are already trying to bring blockchain into their business. Hastings will use blockchain to create transparency in their supply chain.
Blockchain in Australian government
In 2016, Australia pioneered the blockchain industry with the development of blockchain standards.
Despite this, Australia still sits behind the ‘leaders’ of blockchain with not all being convinced of its worth. Canada, the US, the UAE and Britain all pioneer the industry.
In January 2018, for example, the Canadian Government launched its first trial of public blockchain technology. The goal of the technology, developed on Ethereum, is to display “the transparent administration of government contracts.”
However, Australia isn’t a stranger to bringing blockchain into government. In early 2017, the Queensland government collaborated with Commonwealth Bank to issue the world’s first government bond via blockchain. Commonwealth also participated in an “experiment” in which seventeen tonnes of almonds were shipped between Victoria in Australia to Hamburg in Germany. The almonds were successfully tracked through the use of blockchain. The experiment included Commonwealth Bank as well as five Australian and international supply chain leaders.
Innovation vital for Australia growth
In two 2017 reports, CSIRO examined the risks and benefits of using blockchain technology. They noted that, “Improved performance in innovation will be essential to Australia’s future economic growth.” This would mean blockchain being implemented in a variety of industries – not just digital currency, but also “payments, escrow, notarisation, voting, registration, and process coordination.”
At Blockhead Technologies, we want to ensure Australia’s economical growth keeps up with new technologies. BHT has created their own platform, called STAMP, which uses blockchain technology to trace supply chains. STAMP’s focus is on mining supply chains.
BHT functions not only in Australia but also in Canada, forming a collaboration between two of the biggest blockchain leaders.
Blockchain technology could be the future of Australian economic prosperity: not just in mining, but also banking, voting, and all supply chains.
Find out more about STAMP here.