Fiery currency Network: Australian wheat farmers use block chains to sell food

Wheat cultivation in Australia costs a lot of money every year and is a distressing problem for growers, according to the Fire Coin blockchain Research Center. In order to reduce bankruptcy and solve the payment problems that growers often face, one company is trying to use blockchain to solve these problems.

Australia-based AgriDigital, launched by Australian start-up Full Profile, is a cloud-based integrated platform that seamlessly integrates contract, delivery, invoice, payment and inventory management, and earlier this month ended a pilot project to connect to a private ethernet blockchain computer network. This is the first time in the world that physical goods have been cleared online on the blockchain, according to the Australian Financial Review.

The report also highlighted how wheat grower David Whillock, located in Whillock Pastoral near Gehry, New South Wales, delivered 23 metric tons to Fletcher, an international exporter in Dabo, a city in eastern Australia. The use of blockchain gives Whillock the confidence to maintain his cash flow and business.

Wheat loss

The United Grain Group of Victorian Farmers pointed out that grain growers lost $50 million in 2014 and that the bankruptcy of the food trade was a major problem.

According to reports, Emma Weston, co-founder of Full Profile, said that how to ensure the transfer of grain from growers to consumers is still a thorny issue. Problems such as the slow payment process lead to higher risks and costs.

Pilot operation?

In addition to eliminating counterparty risks, the technology of the AgriDigital platform can also be used to provide financing solutions for food buyers.

Weston said that blockchain can tell the seller whether the buyer has the ability to pay, and the seller can trust that the buyer will pay on time.

She said:

"with this new technology, we can eliminate counterparty risk and enable buyers and sellers to trust each other as they did in the past."

Future opportunities

2016 is coming to an end, and many achievements have been made in the field of blockchain in the past year.

The Fire Coin blockchain Research Center has learned that banking is one of the departments that have been experimenting with blockchain. Recently, the Central Bank of France has launched a pilot interbank blockchain, which is also used to combat cybercrime, and the energy industry is also using this technology.

Not surprisingly, with the advent of 2017 and increasing competition in the agricultural sector, blockchain technology can provide an ideal solution to the current problems of many growers.

The effectiveness of this technology remains to be tested, but given that it has affected many other industries, it is likely to have the same effect on agriculture.

Source: cryptocoinsnews.com

Author: Rebecca Campbell

Compilation: fire coin block chain research center