The Business of Blockchain and the Agricultural Use Case
This workshop took a different angle on blockchain, with no technical deep dives or the proliferation of financial uses cases! We got to hear the story about FullProfile’s journey with distributed ledger technology and about blockchain from a business and commercial perspective in the Ag-Industry and the use case they are developing for agricultural supply-chains.
Emma Weston presents the agri-digital solution at the MCIC in UNSW.
Emma described how stakeholders in the agricultural supply chain are influenced by funds balance, insurance, provenance issues and so on. Often farmer's budgets would be planned in a paper notebook or at best on a primitive spreadsheet. This mode of work doesn't provide insurers and the banks with proper transparency, making it difficult for banks and insurers to provide loans and keep the farmer's accountable. It also does not give farmer's the ability to analyze the performance of certain crops, which can help in deciding which crop to grow in order to maximise profits.
Another characteristics of the ag-industry is the fact that due to the slow transfer of ownership, farmers are getting paid long after the produce has been shipped off and transferred between many hands. In some cases, the buying company defaults and the farmer's are left empty handed to the tune of millions of dollars every year. FullProfile's Argidigital solution uses blockchain to register each exchange along the supply chain and facilitates a real time settlement process so that growers get paid immediately.
Emma Weston - Biosnap:
Emma is the CEO and co-founder of Full Profile, a software solutions provider that brings transparency, efficiency, and trust to agri-commodity supply chain management. Emma has had a diverse career as a lawyer, agribusiness executive, business coach and entrepreneur. She is also a grain grower and is passionate about the power of agtech.