Bitcoin technology could ensure grain growers get paid
A NEW company is seeking a technological answer to one of the biggest problems facing grain farmers — delays in being paid.
Full Profile, established last year by Emma Weston, Bob McKay and Ben Reid, is looking at technology used in bitcoin trading to make prompt payments to farmers when they deliver grain.
Ms Weston said Full Profile started building a program around the technology, known as blockchain, in April and will test it in Dubbo with a grain delivery to Fletcher International in the next four or five weeks.
Ms Weston said the aim was for grain growers to know if the trader had the funds to pay them before unloading, and for the grower to be paid immediately.
“The grower’s truck will drive over the weighbridge, which is integrated into the system, and the quality test and price is also integrated through a program called Smart Contract,” Ms Weston said.
“The technology verifies if the trader has the funds to pay and notifies the farmer immediately.
“After they have tared off, the program releases the funds to the grower and the title is transferred to the buyer.”
Ms Weston said the next steps were to bring growers, buyers, consumers and banks on board.
“The industry needs to understand the potential of blockchain,” she said.
“It can do real time transactions and it removes the need for stock reconciliation.”
Ms Weston said pilot programs and proof of concept programs would be running in the US and Canada next year.
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Source: Bitcoin technology could ensure grain growers get paid | The Weekly Times
