AgriFutures levied small and emerging industries include goat fibre, buffalo, deer, kangaroo, ratite, tea tree and thoroughbreds. These are the proposed target industries for this research.
Blockchain has emerged as a distributed ledger technology that is well suited to some industry and economic development challenges. Today the blockchain industry has consolidated around solutions for provenance and traceability, supply chain integrity, tracking of product carbon and water footprints, biosecurity, payments, information control, and contracts in low trust and low regulation environments.
However, the blockchain industry is still nascent and highly fragmented in standards, technology approach and implementation. It is also very confusing for businesses trying to adopt the technology. Investors, incentivised by potential for scale and growth, have ensured the blockchain industry is focused on developing solutions for large supply chains where there is high potential for reducing environmental footprint and where there are high value commodities being traded, after all, this is where the money is. As such, smaller niche industries are often overlooked.
A key question is how can the Agrifutures-levied small and emerging industries, the target industries for this research, better understand and benefit from emerging blockchain technologies, and ultimately piggyback on the economies of scale enjoyed by the wider agricultural sector.
The purpose of this work is to create opportunities for economic growth in the target industries through a clear pathway for understanding and adopting blockchain technologies where it makes sense and where it can deliver a return on investment for businesses.