Australia unveils blockchain supply chain tracing
Australia’s first Agri supply chain platform will be working on Hedera Hashgraph
Entrust, a full-service agricultural supply chain platform and the first of its kind in Australia, has revealed it has chosen to operate on the Hedera Hashgraph.
The project will allow producers to engage in simplified record keeping and reduce their compliance cost, while drastically mitigating the chances of fraud.
The Hedera Hashgraph is an enterprise-grade distributed ledger. It advertises itself as a fast, secure, and decentralized public network that is capable of offering better speed and security than first-generation blockchains.
“Blockchains suffer from what is known as the ‘trilemma’; an inherent trade-off between speed, security, and decentralization, which prevents them from increasing in speed and throughput securely,” the Hedera Hashgraph blog explained.
“Hedera Hashgraph does not have these constraints and is therefore ideal as a platform that can conduct many thousands of transactions per second while keeping commercial data secure, at a fraction of the energy and commercial cost.”
The Entrust platform was launched on Sunday, September 20, by the South Australian Premier Steven Marshall. Its main focus is ensuring the growth of the supply chain as well as increased trust in the high-value wine and dairy manufacturing industries.
The platform gives producers the opportunity to capture and track the movement of primary products in the agricultural process, and then track the secondary manufactured products along supply chains. This is made possible by combining time-stamping, geolocation, and transparent immutable storage of key events.
Rob Allen, the Technical Director of Entrust, stated that their partnership with Hedera was an “obvious choice”. The collaboration is expected to give the company the opportunity to scale its beta platform and take the trusted winegrape data service to other wine-producing nations as well as other agricultural commodities.
“Owned and governed by supply chain heavyweights including IBM, LGE, and Boeing, Hedera gives us immediate recognition globally and provides our customers with confidence that they are working with established distributed ledger players. The platform will also scale with us as we expand into other agricultural verticals,” Allen said.
Mance Harmon, the CRO of Hedera, expressed admiration for Entrust regarding their work on bringing transparency and accountability to the food supply chain.
“Entrust’s successful initial pilot with the wine industry, and strong early demand from other agricultural sectors, demonstrates the pent-up desire by producers and consumers to have more visibility into the provenance and lifecycle of our food and drinks.”
Harman concluded by saying that the Hedera team is looking forward to working with Entrust on the project.