BeefLedger a new tool for market
Blockchain technology is making its way to the beef sector
A BLT may be more commonly associated with a tasty sandwich, but for one Australian company the BLT is what they hope will be the future of currency within our beef marketplace.
BeefLedger is an integrated supply chain and blockchain platform development initiative.
Roma beef producer, Anthony Dunn, is a BeefLedger director and was at the Emerald launch of AgTech earlier this month.
He said BeefLedger used blockchain technology to “create a secure data platform for credentialed provenance”.
Asking yourself what’s blockchain?
Well, blockchain is a new type of internet that simultaneously records and stores information. It is incorruptible and operates entirely within itself. Many people can be accessing the blockchain at the same time and record all changes, new transactions plus movements – creating a powerful digital file. That information can be purchased with a currency, not unlike Bitcoin. In the case of BeefLedger, that currency is BLT – BeefLedger Token.
While the technology might be highly complicated, the concept is simple. BeefLedger is a blockchain-enabled data security and transactions platform where the main product being purchased is not physical, but is information.
“Platform users, whether they are producers, consumers and everyone else along the supply chain can benefit from access to credentialed provenance data and streamlined payments by using our purpose-designed digital token - the BeefLedger Token (or BLT) for transactions,” Mr Dunn said.
If you’re still confused – think of this as an example.
In China, there is very little trust within the marketplace. A Chinese woman could enter a supermarket, scan a code on a piece of steak claiming it is grassfed from Central Queensland and use BLTs to purchase that information and then purchase the steak from the store.
Essentially, that woman has added value to the steak by purchasing the origin information.
For BeefLedger to be successful all of supply chain has to be involved.
Mr Dunn sees many benefits for pastoral operations taking up BeefLedger.
“There can be more value delivered back to farm gate and the consumer can link back to where their piece of steak came from and have comfort in knowing they are purchasing something that has a real story and real people that produce it,” he said.
“BeefLedger has the ability to ensure smooth transactions with one benefit being decreased time for payment to process.”
He said the business case was strong and already attracting plenty of interest.
“As with all new technologies, we expect there to be a small proportion of early adopters followed not too far away by a much larger group of adopters,” he said.
“Our commitment to co-design means we are refining the platform in tight partnership with the user community.”
Source: Queensland Country Life