Australia Funds Blockchain Based Sustainable Sugar Project
To monitor the origin of sugar imported into Australia, the government is funding the Sustainable Sugar Project with approximately USD 1.7 million.
Following implementation, the Queensland Cane Growers Organization will oversee the movement of sugar being sold in Australia and keep a track of the source using blockchain technology.
The project is part of the Smart Cane Best Management practice that is aiming to create transparency in the sugar industry and improve sustainability.
The organization shared its views with Foodnavigator-Asia earlier this week, explaining the advantage of using blockchain technology in the food sector. The organization specifically noted that the tamper-proof nature of blockchain gives more confidence to consumers while making purchases and also improves food standard policies.
The Sustainable Sugar Project is joint venture between experts in the farming and blockchain sectors. It is based on three key factors namely sustainability, productivity and profitability.
David Littleproud, Australia’s agriculture minister, is of the opinion that the technology would enable convincing buyers of the sustainability of the sugar and practices followed in cultivating it.
Littleproud predicts that people would be inclined to pay more for sugar as the demand for sustainably-sourced products increases.
Blockchain in supplychain
Australia is involved in several other blockchain technology related projects. The Commonwealth Bank of Australia announced the successful shipment of 17 tons of almonds from Sunraysia to Hamburg, Germany, using a custom built blockchain platform.
Blockchain technology is expected to bring down transportation costs, while improving efficiency.