Australian Government Grants $1.7 Million To Use Blockchain Technology In Sustainable Sugar Project
BTC Wires: The government of Australia has given a grant to the Sustainable Sugar Project, amounting to about $1.7 million, as per reports by Foodnavigator Asia.
Spearheaded by the Queensland Cane Growers Organization, the Project is supposed to use blockchain for tracking origin and record of sugar supplies going to Australia. It is known as the Smart Cane Best Management Practice (BMP) and is one of the aspects of the sugar industry’s attempt to make itself more sustainable as well as to conveniently control tracking and regulation.
The use of blockchain is likely to enable users to track the origin of sugarcane and to assess how sustainable the source farm is. As Foodnavigator Asia reported, Canegrowers has expressed confidence in the ability of blockchain to foster trust in the minds of customers who can take the help of the solution to see exactly where the sugarcane is coming from and what kind of quality it has. The records, immutable and clearly visible, help customers gain confidence in the product they are purchasing. Sugarcane farmers and experts came together to identify best practices with emphasis on more productive and sustainable approaches that yield higher profits.
The Ministry of Agriculture and Water Resources observed that since customers are demanding products with more sustainable origins, large buyers may be expected to pay more for sugar of this kind in the not so distant future. Minister David Littleproud noted that by assuring customers of sustainability of the offered products, this technology can definitely boost profits in the industry.
Blockchain technology has transformed supply chains and logistics of operations, while cutting costs and boosting efficiency across sectors and regions.
The Commonwealth Bank of Australia also made the announcement that it had successfully completed trading in 17 tons of almond sent to Europe by making use of blockchain solutions. Smart Contracts Distributed Ledger Technology (DLT) and Internet of Things (IoT) lie at the core of this platform which had been a major part of the partnership between five leading supply chain players.
In the first part of July, Oracle, American computer technology company also released a blockchain platform working with enhancing efficiency in transactions and ensuring proper identification and transparency in supply chain management. Using Hyperledger Fabric, the Oracle Blockchain Cloud has launched several trials in the fields of business, banking and governmental services.