- Hedera Hashgraph- the enterprise-grade distributed ledger platform is ready to provide fast, fair, scalable, and secure application support to Australian firm Entrust than any first-generation blockchains.
- Entrust records the movement of primary products wine-grapes like in the agricultural process and then tracks the secondary manufactured products along with supply chain activities.
The conventional industries are moving towards decentralization to upgrade the age-old traditional methods with a focus on growth while embracing bleeding technologies.
Recently, in an attempt to support Australia’s National Blockchain Roadmap Steering Committee while embracing blockchain technology, Australia is teaming up with Hedera Hashgraph (DAG) to bring a robust supply chain route for the agriculture and wine industry.
In a recent development, one of the local working groups Entrust- a software-as-a-service (SaaS) beta platform getting efficient operational support that requires real-time access to the rapidly changing data to record key information with the help of Hedera Hashgraph, a decentralized public distributed ledger network.
According to the latest blog, the enterprise-grade distributed ledger Hedera Hashgraph is providing it’s service to an Australian government-backed firm Entrust which is considered as the 1st grade full-service agricultural supply chain platform.
Entrust earlier piloted its beta version and successfully aid the wine and dairy industry. Now, the firm is ready to provide full service as an industry-grade supply chain solution to the producers and consumers to deliver more visibility into the “provenance and lifecycle of food and drinks.”
Entrust’s unique combination of geolocation, time-stamping, and the transparent immutable storage of key events makes the platform a trustable solution in the supply chain industry. Especially, now the firm is getting support from Hedera Hashgraph which is itself a very fast, secure, decentralized, and dependable public network offering better “speed and security than first-generation blockchains,” the blog notes.
Why Hedera Hashgraph
Entrust believes that with high-speed and low latency transactions support, the supply chain traceability can become much simpler than ever.
According to South Australia’s current Premier Steven Marshall, Entrust is launching on Hedera Hashgraph which has the scaling capabilities and high-speed advantage to develop Entrust long-standing support in the agricultural supply chain industry.
The SaaS platform launched on Sep 20 by Marshall to immutably record the encrypted data of important agriculture supply chain information. The platform is operating on a cloud-based system that is accessible both on a website or a mobile app.
Being in partnership with the “Hedera was an obvious choice, and will allow the Entrust to scale its beta platform and take the trusted winegrape data service to other wine-producing nations and other agricultural commodities. Said, Entrust’s Technical Director, Rob Allen.
Hedera Hashgraph was first launched on March 13, 2018, with white paper and the Hashgraph consensus algorithm. Later, on Sep 16, 2019, the company announced the launch of an Open Access (OA) to its mainnet beta. The company is backed by industry-leading lights like IBM, LGE, and Boeing. Allegedly, the DLT platform claims to provide the processing of 10,000 cryptocurrency transactions per second (TPS).
The platform claims to provide a “Directed Acyclic Graph (or DAG) structure” and is not considered as “Blockchain” due to certain constraints in the regular blockchains. In this regard, Hedera Hashgraph is a third-generation distributed ledger technology that is capable of breaking all the usual constraints of a blockchain which are related to low speed and lower security, and therefore it is believed to be a public distributed ledger network which is apt for conducting “thousands of transactions per second while keeping commercial data secure, at a fraction of the energy and commercial cost.”
Further Allen stated, “Hedera gives us immediate recognition globally and provides our customers with confidence that they are working with established distributed ledger players. The platform will also scale with us as we expand into other agricultural verticals.”