AgriDigital is a platform that provides trust and transparency for global agricultural supply chains. Find out how AgriDigital works today in our review.
What Is AgriDigital?
AgriDigital is a blockchain-based platform that promises to automate supply chain operations in the agricultural industry.
Specifically, AgriDigital is creating software solutions that simplify commodity management, revolutionize supply chain finance, and bring traceability to agricultural businesses.
Some of the key goals of the software solutions include:
- Digitize: Automate your operations and focus on what you do best.
- Connect: Link directly to customers to streamline your business communications.
- Innovate: Keep ahead of the technology curve and create supply chains of the future.
The software is catered towards all members of the agricultural supply chain, including farmers, buyers, financiers, and consumers. In December 2016, AgriDigital’s blockchain-based platform entered testing in New South Wales, Australia, where it helped solve inefficiencies in the grain industry.
AgriDigital is built on a private, customized version of the Ethereum blockchain. Transactions are executed and controlled through the use of Ethereum smart contracts. Keep reading to find out what problems AgriDigital seeks to solve – and how the blockchain can solve them.
What Problems Does AgriDigital Seek To Solve?
AgriDigital seeks to solve crucial problems for multiple members of the agricultural supply chain industry, including:
- Farmers: Today, farmers don’t get paid for what they deliver, when they deliver.
- Buyers: Buyers struggle to get the financing they need to grow their business.
- Financiers: Financiers don’t have the visibility of the commodities they’re financing.
- Consumers: Consumers don’t know where their food comes from.
AgriDigital plans to solve all of these problems with its software solutions.
How Does AgriDigital Work?
AgriDigital’s platform has already been tested in New South Wales, Australia. As the Australian Financial Review reported in December 2016, “around 1.5 million metric tonnes” of grains were processed in recent months using AgriDigital’s platform.
“The cloud-based transaction platform allows grain growers, buyers and bulk handlers to manage contracts, deliveries, invoices, payments and inventory all in one place.”
In December, the AgriDigital platform was also linked to a private blockchain computer network. That same month, the blockchain executed the world’s first live settlement of a physical commodity on the blockchain.
Specifically, the transaction occurred when a farmer near Geurie, NSW delivered 23 metric tonnes of wheat to Dubbo-based Fletcher International Exports. The blockchain was able to provide fast and secure payment for the grain delivery, and the farmer later said the technology would help him maintain cash flow and manage his business more confidently.
The blockchain can also solve inefficiencies in the agricultural industry. According to that same AFR report linked above, the state of Victoria lost $50 million in 2014 due to grain trade insolvencies. Nationally, it costs Australia hundreds of millions of dollars a year.
The AgriDigital pilot used a private version of the Ethereum blockchain. The developers modified the code to increase the transaction speed.
Meanwhile, the grain purchase and settlement agreements were built using Ethereum’s smart contracts, which executed automatically on completion.
The AgriDigital platform is described as an integrated, cloud-based commodity management solution for global agricultural supply chains.
Some of the key features of the platform include:
- Mobile Friendly: Optimized website for desktop, tablet, and mobile devices.
- Data Rich Reporting: All data is available live and is incorporated into information-rich dashboards.
- Minimal Training Required: Minimal training is required, so your team can get started straight away.
- Seamless Onboarding: It’s quick and easy to register, migrate data to AgriDigital, and get started.
- Integrated Platform: Seamlessly manage your transactions, finance, and connections in one place.
- Automatic Notifications: Automatically send live notifications to your customers.
- Integrations: Integrate with your data whenever you need it.
- Cloud-based: Access your data from anywhere with an internet connection.
AgriDigital’s Products And Services
Right now, AgriDigital platform consists of five core modules, including:
- Transactions: Buy and sell agricultural commodities with ease.
- Storage: Digitized storage management.
- Finance: Streamlined commodity financing.
- Remit: Automated remittances and reporting.
- Connections: Live connections with customer networks.
AgriDigital was founded by a team of agriculture industry experts who have 80+ years of combined industry experience. The company describes itself as “a global leader in software platforms designed to assist in the transaction and settlement of agricultural commodities and to manage supply chain risk.”
AgriDigital was founded by Emma Weston (Co-Founder and CEO), Bob McKay (Co-Founder and Executive Director), and Ben Reid (Co-Founder and Executive Director).
The company is based in Sydney, New South Wales. In December 2016, they started testing their private blockchain with agricultural companies in NSW.
AgriDigital is an Australia-based blockchain startup focused on improving efficiencies in the agricultural industry using blockchain technology. Early trials for the platform in 2016 used a private version of the Ethereum blockchain. Today, the company’s blockchain-based solutions include transaction modules, storage platforms, and remittance support, among other innovations.
You can learn more about AgriDigital by visiting the company online today at AgriDigital.io.