Adoption of Blockchain Technology in the Australian Grains Trade: An Assessment of Potential Economic Effects

Gunasekera, Don; Valenzuela, Ernesto

doi:10.1111/1759-3441.12274

Cited by 23 publications

(21 citation statements)

References 13 publications

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“…Apart from the challenges of scalability, security, and privacy, the challenges of technical, organizational, and regulatory origin in blockchain-based FSCs [22] were highlighted, including the technological immaturity [23], and adoption barriers [4,84], providing implications for research directions [13,17,22,33,84]. The lack of national and international regulations and standards [35], high costs for blockchain development, gas consumption [53,58,92] and substantial energy and computing power consumption [57,92] can hinder the industry-wide adoption in FSCs [22]. Additionally, the interoperability of DLTs should be investigated, including blockchain-to-blockchain and blockchain-to-legacy interoperability [36].…”

Section: Discussionmentioning

confidence: 99%

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Distributed Ledger Technology Applications in Food Supply Chains: A Review of Challenges and Future Research Directions

et al. 2021

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The lack of transparency and traceability in food supply chains (FSCs) is raising concerns among consumers and stakeholders about food information credibility, food quality, and safety. Insufficient records, a lack of digitalization and standardization of processes, and information exchange are some of the most critical challenges, which can be tackled with disruptive technologies, such as the Internet of Things (IoT), blockchain, and distributed ledger technologies (DLTs). Studies provide evidence that novel technological and sustainable practices in FSCs are necessary. This paper aims to describe current practical applications of DLTs and IoT in FSCs, investigating the challenges of implementation, and potentials for future research directions, thus contributing to achievement of the United Nations’ Sustainable Development Goals (SDGs). Within a systematic literature review, the content of 69 academic publications was analyzed, describing aspects of implementation and measures to address the challenges of scalability, security, and privacy of DLT, and IoT solutions. The challenges of high costs, standardization, regulation, interoperability, and energy consumption of DLT solutions were also classified as highly relevant, but were not widely addressed in literature. The application of DLTs in FSCs can potentially contribute to 6 strategic SDGs, providing synergies and possibilities for more sustainable, traceable, and transparent FSCs.

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Section: Discussionmentioning

confidence: 99%

“…Case study [78] pork meat, restaurant journal 2019 Experimental setup [94] grain journal 2020 System design, simulation (Australian) [92] 2020…”

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confidence: 99%

Distributed Ledger Technology Applications in Food Supply Chains: A Review of Challenges and Future Research Directions

et al. 2021

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“…Blockchain in general is a distributed database technology that maintains the constantly increasing list of data records that are verified by all the participating nodes in the network [7], [8], [9]. Data records are stored in the blocks and each block is linked together forming the chain.…”

Section: Introductionmentioning

confidence: 99%

“…Data within the block are immutable and all the participating nodes within a blockchain network have access to the entire distributed database which eliminates the single node taking control of the data records. Instead of information routed through a central node, each participating nodes store a copy of the data records and forwards to all the remaining nodes within a network enhancing trust and transparency [9]. The working mechanism of the blockchain technology and can be explained as [8], [10], [3], [11]: In the first step the transaction is requested and the block is created.…”

Section: Introductionmentioning

confidence: 99%

Blockchain Technology in Agriculture: A Case Study of Blockchain Start-Up Companies

Bhusal¹

2021

IJCSIT

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Agriculture is one of the areas where blockchain technology could bring a revolution by solving the existing problem of Agri-product fraud, its traceability, price manipulation, and lack of customer trust in the product. This paper aims to demonstrate the potential application of blockchain technology in the agriculture industry and how it could address the existing issues by surveying the existing paper and following case studies of the blockchain start-up companies. Blockchain technology shows a promising approach to fostering a safer, better, more sustainable, and dependable agri-foods system in the future. While the application of blockchain in agriculture is in the initial phase and faces various issues like cost of implementation, privacy, security scalability, performance, and infancy, it can bring a revolution in the agriculture industry.

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“…Don Gunasekera and Ernesto Valenzuela (2020) explore the potential economic implications of further adoption of blockchain in the Australian grains trade. It is surmised that the use of blockchain technology could enhance productivity in the grains industry, with beneficial flow‐on effects for financial services in respect to the realisation of real‐time financial settlements for grains producers, wholesalers and retailers.…”

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confidence: 99%

Introduction to the Special Section

Silva

Novak

2020

J of App Econs and Policy

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This special section presents four papers that seek to advance an understanding of the economic characteristics and implications of blockchain. Blockchain represents a digital public ledger of economic and financial transactions and other information, combining peer-to-peer network computing and cryptography techniques with the intention of creating ledgers that combine data access and use in a distributed and secure manner.Recent experiences attest to the notion that blockchain has emerged as a site for buoyant innovation and experimentation. Commonly conceived as the digital infrastructure supporting cryptocurrencies such as Bitcoin and Ethereum, an important feature of blockchain development in recent years has been the discoveries and uses of this technology in diverse areas of economic and financial endeavour necessitating the recording, storage and validation of data for the benefit of many actors across space and time. This special section of Economic Papers aims to illustrate different aspects of blockchain development with the potential of unleashing new forms of economic value through improved data management protocols.Arguably, one of the unanticipated consequences of blockchain, a technology not much longer than a decade in its existence, is its reinforcement of the predominant role and contribution of data in our knowledge-based economies and societies. It is no exaggeration to submit that the procession of ledger technologiessuch as literacy and numeracy, double-entry bookkeeping and, now, digital databases such as blockchainhas facilitated the development of modern economic, social and political infrastructure such as firms, markets, bureaucracies and governments. Blockchain also contrasts vintage ledger technologies, whether paper-based or maintained by in-house databases, which are largely reliant upon hierarchical, third-party trust mechanisms for their maintenance and security.The implications of blockchain noted here have two broad implications for the Australian economy, as well as for the broader Asia-Pacific region and the world. This technological development could either challenge existing ways of doing business and managing the economy by virtue of its disruptive potential, or corporate managers and policy-makers alike could constructively explore ways to incorporate blockchain into their operations and practices. The papers in this special section illuminate the opportunities and challenges arising from blockchain development and adoption.We now turn to a brief description of the papers in this special section. One of the core challenges in redressing the climate change problem is the need to develop more accurate, finely grained data of greenhouse gas emissions which contribute to rising global temperatures, particularly when multiple economic agents contribute to greenhouse gases on a global, extra-territorial scale. In their paper, Hartmann and Thomas (2020) consider the potential of blockchain to manage data flows, with respect to recorded traces of carbon dioxide greenhouse gas, wi...

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Adoption of Blockchain Technology in the Australian Grains Trade: An Assessment of Potential Economic Effects

Cited by 23 publications

References 13 publications

Distributed Ledger Technology Applications in Food Supply Chains: A Review of Challenges and Future Research Directions

Distributed Ledger Technology Applications in Food Supply Chains: A Review of Challenges and Future Research Directions

Blockchain Technology in Agriculture: A Case Study of Blockchain Start-Up Companies

Introduction to the Special Section

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