We look at how a blockchain ledger may be used to record supply chain provenances in an inherently trustworthy way. In this case, the use of blockchain may allow for product traceability across the supply chain without fear of the provenance of an item being tampered with. The advantages of a blockchain ledger are compared to those of a conventional database.
Despite its promise, there is considerable doubt about blockchain technology’s future adoption in Australia. For example, there are questions about blockchain’s ability to scale while remaining decentralised and to maintain confidentiality while remaining transparent. The public’s willingness to trust decentralised structures is still unknown.
These uncertainties pose the question of whether blockchain will move past the hype to offer tangible, high-value applications and a booming industry for Australia, or whether it will simply be a market bubble.
The Australian stock exchange has announced that it will be the first global market to clear and settle trades using the technology that underpins Bitcoin.
The Australian Securities Exchange (ASX) will use blockchain technology to replace its existing clearing system. The Australian government is providing grants worth A$3 million (US$2.3 million) to two pilots that will build blockchain-based technologies for the resource supply chain and the food and beverage industries.
The applicants will be expected to develop supply chain credibility and assist Australia’s vital minerals businesses in getting more of their goods to foreign markets as the first area of focus. The second will concentrate on food and beverage provenance, with an emphasis on excise taxes on spirit manufacturing. Applicants must discuss the difficulties of dealing with excise laws.
Blockchains aren’t just for storing digital currency transaction data; they can also be used to replace any public database in general. A customer, or any other agent along the supply chain, may theoretically know the entire history of a product’s movements in a way that is inherently trustworthy by desirability with such a ledger storing the collection of transactions in a supply chain. There are some blockchain development companies in Australia, that is working on blockchain projects, there is a room for more blockchain development service providers.
