The Australian blockchain initiative ‘Sustainable Sugar Project’ has received $1.7 million (AUD 2.25 million) from the Australian coalition government. According to FoodNavigator-Asia.com, the project is led by Queensland Cane Growers Organization ‘Canegrowers’, who plan to use these funds to integrate blockchain technology into the Smart Cane Best Management Practice (BMP).
Blockchain’s Benefits for Agriculture
Since blockchain technology provides transparency, the Sustainable Sugar Project will use it show customers where the sugar originally comes from. They will also be able to track and trace the entire process. Canegrowers have collaborated with Queensland Sugar Ltd on this four-year long project.
The quality sugar produced from the sustainably-grown cane can be traced back through the chain, giving consumers confidence in what they are buying. Canegowers see the benefits of blockchain to agriculture as including enhanced transparency of supply chains, provenance and financial efficiencies.
In Australia, from the sugar cane industry to the beverage industry, everyone is looking for ways to use environmentally sustainable sugar.
“Members of the Australian Beverages Council have told us that consumers are increasingly looking out for products made from sustainably sourced-ingredients, so we believe this development will be welcomed by a broad cross-section of consumers,” said Geoff Parker, CEO of Australian Beverages Council.
Australia: A Blockchain-Friendly Country
Yesterday, it was revealed that the Commonwealth Bank of Australia (CBA) had successfully shipped 17 tons of almonds to Europe. This move helped ensure that every company involved in the trade could easily trace and track the shipment.
Earlier this month, Bloomberg reported that IBM signed a $740 million deal with the government of Australia to provide blockchain and other services to improve data security.
After the data of 87 million Facebook users was compromised, companies started looking at better solutions. Distributed ledger technology, in turn, has attracted a great deal of attention due to its transparency, reliability and efficiency.
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