Full Profile’s Emma Weston, Bob McKay, and Ben Reid presented this week at the NSW Farmers Grains Council Meeting. The event was hosted at Data61, Australian Technology Park, and the theme was technology and its impact on farmers and farming. 30+ growers attended to explore the latest in both on and off-farm technologies.
Full Profile’s Managing Director, Bob McKay, gave growers an overview of our business. In particular, Bob focused on the AgriDigital pilot we are launching in the coming grain harvest. Bob first gave a brief overview of blockchain and distributed ledger technology, the elaborated on how we are using blockchain technology to build a system where growers get paid immediately on title transfer. Creating real-time settlement removes counterparts (i.e., credit) risk that the grower is currently exposed to.
Bob also explained how the smart contract capability of the blockchain enables levies to be collected and remitted in real time. This is hugely valuable to organizations such as the Grains Research & Development Corporation (GRDC), other levy collectors, or even end point royalty collectors.
After Bob's short presentation, there was a lively discussion. Growers were concerned about the practical application of the technology. Their concern is valid, especially given increasing talk of an AgTech bubble. But the Full Profile solution is not hype. Growers were reassured as Bob explained that they will deliver grain as they always have, but with added payment security and easy to use reporting and record-keeping.
Did you miss us this week? You can catch us next week when Emma Weston presents on the potential impact of blockchain for grain industry compliance at the 2016 Australian Grains Industry Conference (AGIC) Compliance Workshop. We hope to see you there!