AgriChain, an Australian blockchain startup focused on the Agriculture sector, recently received a $4 million investment from Cornerstone Growth Capital, based in Sidney. AgriChain, which is based in Australia, focuses on supply chain management for the agricultural business. The platform works to connect brokers, growers, and logistics firms via the blockchain.
Australia is one of the largest producers and exporters of agricultural products. The country’s total agricultural exports were worth $40 billion in the 2018 to 2019 financial year. The largest contributors were the horticultural product at around $7.8 billion, cattle at around $7.5 billion and wheat at around $4.2 billion.
Via its platform, AgriChain wants to provide everyone involved in the agricultural supply chain of Australia with end-to-end visibility. The whole supply chain is automated including the tracking of produce as it is transported across the country from the farm to the final consumer. Data is offered in real-time and all stakeholders in the supply chain can access the data.
An official from Cornerstone Growth Capital, Oey, said that they were always on the lookout for disruptors in the agricultural industry. However, the industry had always been an underdog when it came to innovation despite the crucial role it plays in the lives of everyone. He said that the more efficient the industry was, the better it was for everyone. Oey noted that the AgriChain startup had ticked all their boxes. The official said that it was one of a kind in its ability to increase the efficiency and transparency of the Australian agriculture supply chain.
According to a report by Global AgInvesting, the CEO said the result is that customers are able to improve their profits since everything is done on a single platform. Some of the unique features that it offers include contracting, stock management, tracking, broker integration, automation, traceability, and position reporting. The AgriChain platform is based on the Ethereum platform. The token sale for the AGRI tokens was held in 2018. These tokens are used to process all transactions on the platform.
AgriChain is not the only company using blockchain technology in Australia’s agricultural sector. One notable example is GrainChain. Their platform uses smart contracts to process transactions to make it possible to trace agricultural products. KPMG also recently launched a blockchain traceability platform for the agricultural sector in the country. However, their solution can be scaled to include other sectors. Some of the biggest agricultural firms in the country are actively researching blockchain solutions.
Australia Blockchain Strategy
The use of blockchain technology is gaining traction in Australia. The nation recognizes that this technology could help to make the economy more competitive internationally. To make this a reality, the Australian government recently launched a blockchain roadmap. The 52-page document details how the country could harness the power of the blockchain in various industries through 12 key points. It also establishes how the government could help to support these efforts.
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