Blockchain Project For Sustainable Sugar Receives Grant From Australian Gov’tbr>
The Australian government has awarded a $2.25 million AUD ($1.7M USD) grant to the Sustainable Sugar Project, which aims to use blockchain technology to improve supply chain transparency.
Led by the Queensland Cane Growers Organization, the Sustainable Sugar Project will use blockchain to implement the Smart Cane Best Management Practice (BMP). The goal of the BMP initiative is to show sugar buyers where the sugarcane came from and the sustainability of that farm.
“Blockchain’s main attribute is that it’s a secure database in which all transactions are recorded and visible,” a spokeswoman from Cane Growers said. “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 grant was delivered to Queensland Cane Growers who will partner with Queensland Sugar Ltd on this four-year project. The government said that this project will help unlock higher farm gate prices, increase exports and better access to markets in the future.
David Littleproud, Minister for Agriculture and Water Resources, said consumers and food manufacturers want sustainably sourced food and fiber, including sugar, and they want to know where it comes from.
“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,” said Littleproud. “Because the demand for sustainably-produced food continues to grow, this project will help to increase exports and help gain better access to markets to capitalize on our important free trade agreements.”
Due to the complexity and lack of transparency of in current supply chains, the logistics industry has been exploring blockchain technology to increase the efficiency and transparency of supply chains and positively impact everything from warehousing to delivery to payment.
Earlier this week, the Commonwealth Bank of Australia completed a successful trade of 17 tons of almonds to Europe using an ethereum blockchain platform, underpinned by distributed ledger technology (DLT), smart contracts and the Internet of Things (IoT).