Global Pivot to Expand and Consolidate Opportunities
Adapting to the world during and post COVID has required the BeefLedger project team to focus on aligning business priorities and structures with market opportunities.
The aim of this is to optimise focus of resources and streamline organisation models.
The upshot is a commitment to:
- Expanding BeefLedger Global affiliated initiatives in South America, North America, Asia and Africa;
- Bringing brand development in-house into Smart Trade Networks;
- Establishing a dedicated proteins traceability technology JV with sector specialists, to operate as a specialist in the field with a global focus;
- Ramping up our advocacy for greater supply chain transparency and integrity; and
- Focusing on developing the international branding framework of BeefLedger Global.
Context & Pivot
The BeefLedger initiative was first kicked off by Sister City Partners Limited, and its chairman Warwick Powell, in 2016. In due course, BeefLedger Limited was incorporated in Australia to enable R&D activity to be undertaken relevant to specific aspects of the application of blockchain technologies to the Australian beef supply chain, and licensed to use the BeefLedger brand.
In parallel, SCP Capital (trading name: Smart Trade Networks) was mobilised to deliver financing and technical development services for a suite of group projects – including but not limited to BeefLedger.
Market and regulatory conditions changed, however, from early 2020. The major changes were:
- COVID-19 impacted market dynamics in China resulting in increased uncertainty in that market.
- The export abattoir in which BeefLedger was a member-shareholder, the Northern Cooperative Meat Company (NCMC), in Casino NSW, had its China export permit suspended.
Changing Market Opportunities
The China market opportunity was no longer a viable option in the short term from an Australian exports point of view. Indeed as things have panned out, NCMC remains unable to export to China.
Opportunities have since been opened up by Smart Trade Networks in Japan, South America, North America and South Africa. The Australia-China rationale for a BeefLedger enterprise solely focused on this channel was no longer relevant, in these market conditions. Enabling and supporting a more global outlook was necessary.
Diversification through Smart Trade Networks
To explore and develop these global opportunities Smart Trade Networks has decided to establish a series of partnerships and joint ventures in these various parts of the world, to commercialise the STN blockchain technologies and integrate with additional protein-specific technologies.
These disparate opportunities will be developed under the branding framework of BeefLedger Global.
Protein Specific Technology JV
Smart Trade Networks has formed a protein specific JV with a partner technology organisation. Suffice to note for now this JV will consolidate the commercialisation focus on parent technologies, and deliver into allied protein supply chains such as seafoods and lamb.
This move enables diversification from the narrow focus on beef alone.
Intensified Advocacy
It’s time to call out the incumbents who talk the talk, but don’t walk the walk.
Advocacy efforts will be intensified to highlight industry practices that fail to deliver greater transparency, integrity, and credibility for consumers. The goal is to spark conversations about transparency that many seem reluctant to engage in.
This will be in the beef chains of the world, but also in other supply chains too.
Building the Global Brand Framework
In light of this, the focus is on building an international brand framework that provides a consistent infrastructure at a global level to support projects around the world. BeefLedger Global provides an international umbrella, with reach into key growth markets in Asia and elsewhere.
BeefLedger Global will, through its technology partner Smart Trade Networks, deliver common back-end technical infrastructure, a distributed shared services model for applications and data nodes, as well as a data ontology and schema that is consistent across the globe. This means that no matter where you are, projects and supply chain participants will experience the same high standard of service and experience.