Blockchain technology enables trusted and efficient supply chain transactions through a distributed network of computers, called ‘nodes’, to ensure transactions, contracts, freight movements and the entire supply chain are traceable, validated and secure. Security is a key factor of blockchain technology, as once information is stored in this system, it can never be falsified. Blockchain will likely be increasingly used to enable effective global trade and effective biosecurity systems, and may indeed be a requirement for some markets in the near future.
The Advance Queensland Ignite Ideas Fund provides support to start-ups and small to medium Queensland businesses, to enable them to test and implement commercialisation plans for an innovative product, process or service. The fund has been a major contributor to the agribusiness and food sector in Queensland, delivering a number of success stories. One of those success stories is Ditterich Agriculture’s BlockGrain project, which has since evolved into AgriChain.
In April 2018, Ditterich Agriculture raised $3.5 million via a public token offering. The company was one of 12 Queensland AgTech start-ups funded to attend the Startup Catalyst mission to Israel, hosted by the Austrade Landing Pad in Tel Aviv.
Share your ideas... what do you see in the future of the agribusiness and food sector?