Australia-based CBH Group, the handler of West Australian Grain, is actively testing a blockchain-based platform.
The website Bitconnect reports that the CBH Group has sought collaboration with agriculture technology company AgriDigital to oversee and facilitate the sale of organic oats out of South Australian distribution company Blue Lake Milling.
Blockchain was first used as the core component of the digital currently bitcoin where it works as a public ledger for transactions and since early 2016, an increasing number of companies have started to utilise this technology to facilitate trades and sales. The potential for agricultural companies, active in trading, is also increasing.
With blockchain technology companies, like West Australian Grain, can oversee real-time management with the immutable blockchain technology, supply chain with its ledger, and mobile payments and financing with cryptocurrencies and tokens.
CBH Chief Executive Andrew Crane explained:”Blockchain can be used in a range of different ways be it smoothing out transactions, better security or quicker payment methods or as a proof of where the grain has come from and where it’s been on its journey through to the customer. “These are three real benefits there and we are testing all of those,”