The APAC Provenance Council supported by government, export and industry bodies, standards agencies, packaging and labelling service providers, finance giants and blockchain technology providers, is established to integrate blockchain technology into the food supply chain finance in Australia-China trades.
Currently, the core founding members include Fresh Supply Co, Source Certain International, and Laava, joined by affiliate members VeChain, FoodAgility CRC (Cooperative Research Centre), DNV GL Business Assurance, Australian Made, GS1, Blockchain Australia and several others.
The New Roadmap To a Post-COVID Food Industry
In February 2020, the Australian Government published The National Blockchain Roadmap, proactively addressing opportunities in the Agritech & Food industry, which directly accelerates the establishment of the Council.
The impact from COVID-19 further lifts the urgency of pushing forward this initiative. On one hand, the pandemic is posing a direct threat to food & beverage vendors around the globe, particularly in cross-continental trading, the suppliers are heavily impacting their cash flows, which calls for immediate invoice finance to quickly unlock unpaid invoices and stimulate business growth. On the other hand, the public awareness of food safety is unprecedentedly high. According to a study of InTarget Shanghai, Chinese consumers have become more health and safety-conscious and this will continue to be reflected in future.
Blockchain-enabled APAC Provenance Council To Stimulate The Market
By combining resources from all members, the Council aims to provide a comprehensive blockchain-enabled food supply chain finance ecosystem, bridging traceable, safe and trusted trades with shorter billing terms between Australian suppliers and Chinese importers.