A two - year - old 500 m ( $ 1 billion ) research project , funded by the Queensland institute of Technology , is working to verify the authenticity of — and trace — Australian beef exported to China . BeefLedger uses proprietary technology and smart technology to create a secure , transparent provenance for meat , as well as facilitating cross - border logistics and payments . The Australian beef industry is worth AUD13bn annually .
A two-year-old AUD1.5m ($1m) research project, led by the Queensland University of Technology, is working to verify the authenticity of—and trace—Australian beef exported to China. BeefLedger uses blockchain technology and smart contracts to create a secure, transparent provenance for meat, as well as facilitating cross-border logistics and payments. The Australian beef industry is worth AUD13bn annually.