Blockchain Project Receives Government Grant for Sustainable Sugar
Australia seems to be taking a proactive stance toward promoting blockchain projects. The country’s most recent move granted about $1.7 million to the Sustainable Sugar Project.
The project, led by the Queensland Cane Growers Organization, is looking to use blockchain technology to manage sugar supplies within the country. The blockchain initiative, termed Smart Cane Best Management Practice (BMP) is a system that may improve sustainability and traceability.
Further, it is expected that the technology may allow buyers to determine where the sugarcane is sourced, which may lead to more sustainable practices overall. Cane growers informed the project, “Blockchain’s main attitude is that it’s a secure database in which all transactions are recorded and visible . . . the quality sugar produced from the sustainably-grown cane can be traced back through the chain, giving consumers confidence in what they are buying.”
The project is an overall collaboration between industry experts and sugarcane farmers and together, they are looking to improve productivity, sustainability, and profitability. According to the Ministry of Agriculture and Water Resources, those who purchase large quantities of sugar may be pay in the future for the sugar as consumer demand for sustainably-sourced products increases. David Litterproud, an agriculture minister, stated “This technology would provide assurances around the sustainability of our sugar and ensure cane farmers using sustainable practices can attract a premium for their product.”
In general, the blockchain has been beneficial for supply chain applications and many consider it to be an affordable and efficient method for tracking chains worldwide. The Commonwealth Bank of Australia recently traded 17 tons of almonds with Europe using the blockchain technology. The blockchain platform used is the collaborative work of five supply chain leaders and it features an underpinning of distributed ledger technology, the internet of things, and smart contracts.
As for the United States, computer company Oracle released a blockchain platform that leads to higher levels of efficiency and that is able to authenticate the supply chain as well. The platform uses Hyperleger Fabric after determining its effectiveness by testing it on banks, businesses, and other entities.