A supply chain forum which had the participation of local experts and government officials advocated using blockchain technology to fight food fraud $ 1.7 billion in annual damage to the Australian primary sector.
The Vice President of Blockchain Australia, Rob Allenmoderated the online panel discussion on September 4th, in which blockchain use cases within the supply chain sector were discussed in front of over 150 participants.
Allen set the stage by saying that Verifying the authenticity of products that are purportedly made in Australian and overseas markets in Australia is one of the greatest challenges facing the country’s agribusiness.
Australia is a major exporter of products, he said Chloe knows, National Head of Blockchain, from the Department of Industry, and Using blockchain technology can provide an origin solution for food and wine fraudwhich costs Australia at least $ 1.7 billion a year.
This problem is not unique to Australia, said the director of AgTech Capital, Al Fullertonreferring to their Experiences across Southeast Asiawhere food fraud, misrepresentation and traceability of origin are real issues.
“Recipients of alleged Australian exports perceive our products to be of good quality, although tactics can be used to degrade their quality before they reach the end user. These tactics can result in an Australian water bottle being refilled and resold up to seven times in all of China or the oil is sold through the back door to smugglers who dilute it and sell it on. “
Blockchain technology can be used Increase data transparency and reliability that help with product authentication, Fullerton said.
Blockchain solutions too provide significant benefits and efficiency savings for the food and agriculture certification industries, who currently rely heavily on easily falsified paper-based certificates, explains Bridie Ohlsson, CEO of the agricultural blockchain platform Geora.
Many companies go to extensive and costly efforts to get food and agriculture certification which leaves them with nothing but a worthless piece of paper with ink, he said. Olhsson. With blockchain technology, these certifications can be stored digitally, which significantly increases their security against forgery and thus their value.
The panel came to the conclusion The lack of technical expertise is the biggest obstacle to broader blockchain adoptionand the CEO of State Book, Katrina Donaghy, stated that most people struggle to understand blockchain technology and are in favor of educational initiatives aimed at strengthening Australians’ tech literacy.
The panel also announced plans for the first Blockchain-focused Cooperative Research Center, or CRC of Australia. The CRC has raised $ 60 million to be used for Promotion of blockchain adoption by Australian startups, including a $ 25 million commitment from the Australian Government.
The CRC is scheduled to open in October 2021.