Recently, we’ve seen the potential of blockchain for supply chains in the media – and Australian government bodies have taken notice, too. Australia’s department of Industry, Innovation and Science recently presented a proposal to the Senate Committee on Financial Technology and Regulatory Technology regarding blockchain’s value for supply chain management.
The proposal suggests that using blockchain to track food provenance and traceability in Australia will both protect Australian producers and improve food safety.
A proposal for traceability
The proposal looks to protect the “safety, quality, taste and well-regulated production of Australian-branded agriculture and food goods”. Blockchain will do so by helping to track food through the supply chain and ensuring that it isn’t a product of counterfeit and food fraud. Considering the apprehension of many governments to adopt blockchain, this is a major move for Australia.
By tracking food throughout the supply chain, we can ensure that the food we are buying is from legitimate Australian growers. As consumers, we will be able to see evidence of sourcing. This not only protects food producers but also ensures that we are getting the best value for our money.
Australia’s issue is not purely with its food supply chain. The country is a major producer of minerals and a large mining power. Australia’s mineral supply chain demands extensive tracking, from sourcing to its fuel usage. Australia is home to some rare earths such as dysprosium and terbium (used in the development of clean energy technologies). It is also home to vital minerals such as antimony and manganese.
The mineral demand doesn’t look to be slowing down anytime soon.
Several Australia companies are making major moves in the blockchain space. Blockhead Technologies have recently announced ‘STAMP Supply,’ a blockchain-enabled supply chain tracking platform that can track any commodity. Australian company Everledger are also using blockchain to track diamonds among other things.
There’s a clear demand for blockchain security in the supply chain space – and Australians may be finally rising to meet the demand.
STAMP Supply is a blockchain-enabled supply chain tracking platform that streamlines your processes. It displays anomalies and inefficiencies through reports and a dashboard, allowing you to identify any improvements or possible fraudulent behaviour.