Liquidator appointed to blockchain provider BeefLedger
Industry blockchain and cryptocurrency pioneer BEEF BeefLedger Ltd has entered external administration, after Brisbane-based accounting and insolvency firm David Clout and Associates was appointed as liquidator of the company two weeks ago.
In a brief statement to Beef Central this afternoon, a company spokesperson said the company entered administration with the aim of “realigning” the organization.
“Formalizing the process is the appropriate way for us to carry out internal consolidation and reorganization to align with strategic priorities.”
Launched in November 2017, BeefLedger pioneered the development of blockchain technology to provide verifiable provenance of branded beef at all points in the supply chain.
The company was heavily focused on China, and in 2018 cited research from PricewaterhouseCoopers (PwC) estimating “one in two kilograms of beef sold in China as Australian is not Australian”.
BeefLedger Ltd has created “the world’s first application of distributed ledger or blockchain technology to the entire beef supply chain”, as describe by the teacher member of the team Marcus FothProfessor of Urban Computing at QUT Design Lab and Project Manager of Future Food Systems CRC Smart Trade Hubs.
In late 2017, BeefLedger Ltd was announced as the first $200 million QUT-based CRC Food Agility project, receiving $1 million in funding and grants from 2018 to 2020.
In 2018, BeefLedger launched BEEF Digital Tokens, a digital cryptocurrency allowing people to participate and invest in the development of the BeefLedger Blockchain platform.
In May 2020, BeefLedger announced that it was launching a new three-year project with the Future Food Systems CRC, building on the foundations of a previous project co-funded by QUT, BeefLedger Ltd and the Food Agility CRC.
BeefLedger Ltd is chaired by Warwick–Powellformer professor of university history, personal private secretary to Kevin Rudd in the Qld government, founder of an economics and statistics research firm, and finance and investment fund manager, who was appointed QUT Adjunct Professor in 2019.
No public details were provided as to why the company went into administration.
Future Food Systems CRC’s 2019-20 Annual Report refers to the project experiencing “some challengesdue to pandemic-related closures and travel restrictions, as well as a deterioration in China-Australia relations which negatively impacted bilateral trade.
However, the report added that at the end of the 2019/20 financial year, the project “was on track to be delivered according to its original schedule”.
In a June 2020 post to BeefLedger websiteChairman Warwick Powell noted that “trade tensions have risen”, which had seen four Australian slaughterhouses suspended by China over technical violations.
“This is not the first time, and our contacts in the processing industry tell us they are working hard to remedy any flaws in the process.”
Despite these efforts, the number of Australian slaughterhouses whose export licenses were suspended by China had risen to 10 by February this year.
Below is a timeline documenting a number of announcements and developments related to BeefLedger since its launch in 2017:
November 8, 2017 BeefLedger Announces Research and Development Collaboration with James Cook University
December 5, 2017 BeefLedger announced as CRC’s first $200 million QUT-based food agility project
June 2018 BeefLedger launches BEEF digital tokens, a mechanism by which people can participate and invest in the development of the BeefLedger Blockchain platform.
August 10, 2018 PricewaterhouseCoopers (PwC) estimates sales of fraudulent Australian-branded beef in China at $2 billion a year
10 dec. 2018 BeefLedger delivers Australian Beef Provenance Verified to Track Provenance from South Australian Property to Casino Slaughterhouse to Customer in China
June 27, 2019 beef pound announce the establishment of its first independent “micro” distribution partnership in China
July 2019 BeefLedger announces that another shipment of Australian beef, certified using blockchain technology, sourced from natural grass pastures in southwest Qld, had landed in China
October 25, 2019 Chinese President Xi Jinping calls for the development and application of blockchain technologies in China be followed quickly
February 7, 2020 The Australian government is launching National Blockchain Roadmap
April 14, 2020 Founder and Chairman of BeefLedger Warwick Powell joined CRC Research Advisory Committee on Future Food Systems
May 22, 2020 BeefLedger is launching a new three-year project with the Future Food Systems CRC, building on a previous project co-funded by QUT, BeefLedger Ltd and the Food Agility CRC.
August 3, 2020 Southern Cross Beef and BeefLedger partner to offer locally produced Qld beef for sale using cryptocurrency and verified local provenance.
September 2020 BeefLedger becomes the first blockchain project to to earn Good Design Australia Awards, winning the ‘Service Design: Commercial Services’ category and the ‘Design Strategy’ category
October 2020 beef pound announce first blockchain-based traceability solution for the beef supply chain in South Africa, BeefLedger SA
March 25, 2021 BeefLedger’s latest online announcement, published regarding the collaboration with Cavalier Food Group in South Africa.