The Australian government has yet again made a move in the blockchain technology world. They have recently announced a grant for the Sustainable Sugar Project. This is a blockchain-powered project and the grant is worth AUD$2.25 million.
Queensland Cane Growers Organization is leading this project. They are going to use blockchain technology to track the sugar supplies to The Land Down Under. This initiative is being dubbed the Smart Cane Best Management Practice. It will provide the necessary push that the sugar industry in Australia needs for improved traceability and sustainability.
Introducing blockchain technology will allow buyers to know the source of the sugar itself. The main thing about this new technology is that it has a secure database system. All the transactions, from the point of origin to the point of sales, can be traced through and through. The added transparency to the whole record keeping process provides a certain sense of trust for the customers.
In order to carry forward this initiative, the experts from the industry and the farmers are all collaborating. They are making sure they’re on the same page with the best practices for the industry. This will ensure the top industry standards to be met and increase profitability and sustainability.
The Ministry of Agriculture and Water Resources have made note of the fact that customers might possibly pay more for sustainable sugar in the future. This is in line with the thinking that consumers are making increasing demands for sustainably sourced produce all around.
Introducing this new technology will provide the customers assurance of the industry’s focus on sustainability. It will also help out the farmers by encouraging them to use sustainable farming practices.
Blockchain technology has provided a boost to logistics and supplies across several industries. Even the likes of global giants IBM are working on providing logistical solutions that are powered by blockchain technology, to improve overall efficiency and root out malpractice.
The announcement of this grant is yet another example of the Australian government’s initiatives for a blockchain-based future for the country.