The CBH Group, a West Pert, Australia-based grain exporter is collaborating with AgriDigital, a Sydney, Аustralia-based start-up to explore blockchain
The CBH Group, a West Pert, Australia-based grain exporter is collaborating with AgriDigital, a Sydney, Аustralia-based start-up to explore blockchain technology and its application in the agricultural industry.
Blockchain to assist the sector
As Emma Weston, chief executive officer of AgriDigital, told cryptocoinnews.com, distributed ledger technologies and blockchain have already brought oppotunities in the agriculture field.
Some of the benefits of distributed ledger technology could include improved trust and efficiency across the agriculture supply chain. For example, the technology can save costs in the back office, give digital title to commodities and eliminate double data entry, as Weston explained, while speaking to cryptocoinnews.com.
This month the company will pilot a project assessing the benefits of blockchain technology in grain handling.
The trial will use AgriDigital`s smart contract library and agriculture blockchains. The goal is to prove that blockchain can provide full supply chain traceability, and use the settlement of commodities on a blockchain by tagging title transfer to payment in a single transaction.
The pilot is one of the first CBH Group has undertaken to explore the possibilities of new technology across the business, said Andrew Crane, CBH Group CEO as quoted by the article.
The company is reportedly continuing to explore new solutions to improve its suply chain , while offering reasonable prices to its growers.