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Blockchain can combat Australia’s $1.7B food and wine fraud problem

Blockchain can combat Australia’s $1.7B food and wine fraud problem

A provide chain discussion board that includes native specialists and authorities officers has advocated utilizing blockchain know-how to struggle the $1.7 billion value of meals fraud yearly harming Australia’s major sector.

Blockchain Australia deputy chair Rob Allen moderated the web panel dialogue on Sept. four discussing use-cases for blockchain throughout the provide chain sector to an viewers of greater than 150 attendees.

Allen set the scene by stating that verifying the authenticity of produce claiming to be Australian-made in native and abroad markets is likely one of the largest challenges dealing with the nation’s agricultural business.

Australia is a significant exporter of produce, Nationwide Blockchain Lead Chloe White from the Division of Trade defined, and the usage of blockchain know-how can present a provenance answer to meals and wine fraud — which prices Australia a minimum of $1.7 billion yearly.

This downside goes additional than simply Australia, principal at AgTech Capital Al Fullerton mentioned, calling on his experiences all through South-East Asia the place meals fraud, misrepresentation, and provenance traceability are actual points.

Recipients of purportedly Australian exports understand our items as being top quality, he mentioned, regardless that techniques could also be used to scale back their high quality earlier than it reaches the end-consumer. These techniques may see a bottle of Australian water refilled and resold as much as seven instances all through China, or oil offered “out the backdoor to smugglers” who water it down and resell it.

Blockchain can be utilized to extend the transparency and trustworthiness of the information aiding in product authentication, Fullerton claimed.

Blockchain options additionally supply important advantages and effectivity financial savings to the meals and agricultural certification industries — which at the moment rely closely on simply cast paper-based certificates, agricultural blockchain platform Geora’s CEO Bridie Ohlsson defined.

Many corporations undergo intensive and expensive efforts to acquire meals and agricultural certification, which is able to solely give them a nugatory piece of paper with ink on it, Olhsson mentioned. With blockchain know-how, these certifications may be saved digitally significantly growing their resilience to forgery and, in flip, their worth.

The panel concluded {that a} lack of technological literacy is the biggest barrier to the broader adoption of blockchain, with Civic Ledger’s CEO Katrina Donaghy explaining that most individuals have issue understanding blockchain know-how, advocating instructional initiatives designed to bolster the tech-literacy of Australians.

The panel additionally introduced plans for Australia’s first blockchain-focused Cooperative Analysis Centre or CRC. The CRC has raised $60 million for use to propel blockchain adoption by Australian startups, which features a $25 million dedication from the Australian authorities.

The CRC is about to open in October 2021.

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