BeefLedger, a popular Australian blockchain provider in the red meat market, has been placed into administration, according to a spokesperson for the company.
BeefLedger to ‘Realign’ Its Organisation
David Clout and Associates, a Brisbane-based boutique firm of insolvency accountants, was reportedly appointed liquidator on February 28 and has already commenced investigations into the company’s affairs.
The company didn’t provide detailed reasons as to why it decided to enter administration. “Formalising the process is the appropriate way for us to complete an internal consolidation and reorganisation to align with strategic priorities”, reads BeefLedger’s official statement.
What Did BeefLedger Aim to Do?
The people behind BeefLedger intended to bolster beef exports by using blockchain technology to track and verify the authenticity of Australian beef on overseas markets, especially in China.
Customers could access the data history and provenance of a meat product by simply scanning its QR code.
Source: MHD Supply Chain
The platform launched its own utility token in 2018. The BEEF token powered its blockchain and provided users with access to provenance data, sales history, consumer feedback and more.
Throughout 2018, BeefLedger garnered numerous investors and received grants to help develop the organisation. It also partnered with Queensland University of Technology to initiate in-depth market research, focusing on China.
However, it appears the demand for a blockchain-based platform to track the provenance of Australian meat wasn’t necessarily warranted. Many exporters have suggested that BeefLedger’s claims actually hurt the Australian industry’s reputation.
Agtech [agricultural technology] companies had to undertake enormous supply chain research to ensure what they were developing met a genuine need. Simply inventing something and telling farmers and processors they needed it would always be unsuccessful.
Beef marketers lobby group
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