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$6m invested in ‘disruptive’ Aussie supply chain blockchain

February 18, 2020 / Andrew Fenton
SHARESHARESHARE

A $6 million investment in AgriChain is just the latest sign that Australian companies are leading the world in supply chain tracking. Supply chain tracking in agriculture and wine was highlighted as one of the three key opportunities in the just released National Blockchain Roadmap. This isn’t surprising given Australia exports two thirds of its agricultural products, but faces competition from inferior products in Asian markets masquerading as ‘Australian Grown’. PwC estimates that $2 billion of fake “Aussie” meat is sold each year in China. There are a variety of projects up and running in Australia, tracking meat and vegetables via BeefLedger, VeChain and Mastercard’s permissioned blockchain. Highlighting the potential future growth, Sydney based Cornerstone Growth Capital has just invested $6 million in AgriChain, the largest supply chain software company in Australia.