A real-time dairy payment system using blockchain technology is being developed for farmers.
As part of the Federal Government's traceability framework, the blockchain technology — a data structure that holds transactional records while ensuring security, transparency and decentralisation — aims to improve data accuracy and build trust in the supply chain.
The initial phase of the project involves raising awareness of blockchain technology through the delivery of a short video and information paper.
Federal Agriculture Minister David Littleproud said the blockchain technology would assist in providing transparency for business transactions.
“All sides know they are all looking at the same records and the history of their business relationship,” Mr Littleproud said.
“Open, transparent and trustworthy systems are important for long-term sustainability and global competitiveness.
“Building on standards already used in transport and logistics, warehousing, distribution, retailing and eCommerce ensures Australian producers and processors can participate efficiently and effectively in global markets.”
Australian Dairy Farmers president Terry Richardson said blockchain technology was integral to improving the profitability and efficiency of the Australian dairy industry.
“The transparency and security of shared information using blockchain technology will demonstrate provenance and reduce costs to compete more aggressively in local and global markets,” Mr Richardson said.
“This first phase is all about education.
“It is a precursor to a field trial that will quantify benefits and set us up for a more digitalised future.”
To view the video and information paper, visit: https://australiandairyfarmers.com.au/blockchain-and-real-time-payment-system/