On Wednesday, July 17th, Internal Blockchain Australia CEO Ralph Kalsi and CTO Nadeem Shaikh presented a webinar for the Diary Australia Manufacturing Workforce relating to ‘Blockchain in action’. The presentation covered what blockchain technology is, how it’s adopted and how it’s being implemented across the dairy industry, worldwide.
Dairy Australia is a valuable resource centre for dairy manufacturers across the country. They provide an endless stream of information related to funding programs, policy and training which help dairy manufactures sustain and grow their businesses. Dairy Australia is committed to fostering excellence and innovation in the Australian dairy supply chain.
Blockchain Australia Solutions are acutely aware of the international shift towards blockchain technology to simplify the supply chain industry.
When it comes to the dairy industry, blockchain technology can be used to automate and sequence the data collected at each point of the product journey. This would increase transparency and traceability, enhancing the quality of the product.
Blockchain Australia work to eradicate the need for intermediaries in the supply chain. It achieves this by synchronising all data and transactions across a decentralised, peer-to-peer network. This cross-checking makes the network secure, reliable and unable to be exploited by third-parties or cybercriminals. Smart contracts can also be integrated to eliminate the prevalence of payment delays.
In specific regards to the dairy industry and its supply chain, blockchain technology has been proven to enable data collection at every stage of the supply chain, from the herd level all the way to the point at which the milk bottle hits the supermarket’s shelves. It’s possible that production practices could also accompany this data, this would give the manufacture and consumer more information about animal welfare considerations, environmental practices, carbon footprint impacts and antibiotic applications. This information works to increase consumer confidence and strengthen the relationship between dairy producers and the general public.
This traceability can empower dairy producers with increased knowledge about what happens to their product once it leaves the farm. This knowledge can be then used to make appropriate modifications to enhance the value of the product and meet consumer demands more effectively.
In the case of a product recall, which is common due to the nature of dairy goods, the data stored on a blockchain ledger would be able to trace the product’s journey and resolve the issue in a matter of hours, as opposed to days. This would save producers, consumers and suppliers time and money.
Blockchain Australia outlines some pertinent examples from around the world of retail and dairy groups leveraging blockchain technology to give the public a more detailed overview of the source and journey of dairy products. These examples illustrate the way an increase in transparency can better connect farmers with their consumers to better meet their needs
Blockchain Australia is passionate about helping businesses and industries realise the unmatched growth potential blockchain technology has. The dairy industry is especially poised for blockchain innovation to simplify and enhance the current supply chain model.
Blockchain Australia is excited by the possibility of blockchain implementation in our food industries and supply chains and will continue to advocate for widespread adoption in Australia.