Provenance and Chain Assurance

Oats // Bordertown, South Australia

Partners // AgriDigital, CBH Group

Project // AgriDigital and CBH Group piloted the use of blockchain to provide supply chain assurance by tracing a batch of certified organic oats from the point of delivery through to a retail customer.

Capturing and analyzing a range of data points, the pilot looked at the growing, processing and production events critical to maintaining the organic status of the oats to produce a verifiable, data backed organics certificate. This certificate and history is then attached to the packaged oats through a QR code, allowing the consumer to investigate and visualise the entire history of the physical asset.

Verifiable provenance and supply chain assurance opens up opportunities for producers to access premium markets and protects against counterfeit products.

Real Time Asset Finance

Grain // Sydney, Australia

Partners // AgriDigital, Rabobank

Project // Rabobank and AgriDigital executed a proof of concept to demonstrate the purchase and sale of grain on a blockchain under a real time financing arrangement.

Using smart contracts to validate and execute the complexities of an inventory finance product, the proof of concept showed how blockchain can automate timely business processes and reduce the cost and error rate when making loans under an inventory finance product.

Reconciliation processes, and physical audits can be eliminated by creating an digital integrated environment, using IoT devices and sensors to monitor the physical asset and event driven smart contracts to execute loans, repayments and asset transfers.

Transaction and Payment Security

Wheat // Dubbo

Partners // AgriDigital, Fletcher International Exports

Project // In 2016, at Fletcher International Exports in Dubbo NSW, AgriDigital executed the world’s first settlement of a physical commodity on a blockchain. Typically, payment terms in the Australian grains industry range from seven to thirty-five days, and it is these terms that pose a substantial counterparty or credit risk which to growers.

In this pilot, AgriDigital facilitated the live settlement of 23 tonnes of APW1 wheat, at the exact moment the grower made delivery of that grain to Fletcher International Export’s site in Dubbo, NSW. Matching delivery to payment allows for the complete removal of counterparty risk, as the digital commodity does not leave the farmers digital wallet until the precise moment that they are paid. The automation provided by using event driven smart contracts to execute the transaction replaces costly back office reconciliation and payment processes.