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Supply chain to feel COVID shiftBy DAVID INDERIAS
APRIL 8, 2020
Brisbane-based Fresh Supply Co (FSC) along with Mastercard partnered to drive the uptakeof the provenance blockchain network throughout the APAC region.In the early days there was no clear leader who has had difficulty going from proof ofconcept to ongoing, large scale usage by industry.It had been the case, not only for IBM – but for those who have gone for a top-downconsortia approach, showing a lack of real economic incentive.Being “stuck” with a underperforming protocol is risky business for all producers – it cancost tens to hundreds of thousands to change IT infrastructure as well as training staff.But FSC has chosen to be strategic. It has sought to be blockchain agnostic, which isproving successful as validation from multiple clients and industries are coming from thebottom up.
The essence of FSC and Mastercard’s partnership is to enable businesses to be paid sooner,reducing payment times from 30 days to within a second – an impressive turnaround in anindustry worth more than $US3.1tn.Mastercard’s entry into the market gives producers domestically and globally greater exportopportunities to trade with confidence and surety.As airfreight prices continue to rise and China returns online – it’s critical Australia’sprimary production sector functions effectively. By assuring companies are paid faster, withmore money in their pockets during times of uncertainty when economies are on theverge of collapse, struggling to address and adapt to COVID, redefines how trading will beenacted.
Food production systems will advance in quantum leaps while consumers will be protectedfrom supply shortages, as well as increasing and improving food safety.Now more than ever does industry need to support producers, domestic supply, and exporttrade as China and other countries come back online.
Horticultural and dairy supply chains exporting into South East Asia and China will be thefirst to use traceability + payments and trade finance.The opportunities are enormous and will only get bigger, offering a service superior to thebig banks, at a time of unprecedented economic and social disruption is sorely needed.
David Inderias is the CEO and Founder of Fresh Supply Co.
https://mediaandpublicaffairs.com.au/wp-content/uploads/2017/11/Fresh-Supply-Co-The-Australian-Online-April-8-2020..pdf
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