“Blockchain solves the problem of manipulation”, The Australian government has remarkably understood and granted $1.7 million to the Sustainable Sugar Project, Foodnavigator-Asia bangs on July 30. Blockchain’s opportunities are reaching to the Australian market with a speedy growth to boost profitability.
The Sustainable Sugar Project, headed by the Queensland Cane Growers Organization for a four-year project, which will employ blockchain technology to track the provenance of sugar supplies to Australia. The initiative known as the Smart Cane Best Management Practice (BMP) is a segment of the sugar industry for getting improved sustainability and traceability in the supply chain.
Cane Grower further claimed that “the sustainable sugar project aims to meet the needs of end-users who require sustainability-produced sugar and to develop the transparency around the market for that sugar.”
“By using smart cane BMP and Blockchain technology, Cane growers is seeking to provide provenance for our product, increase our market access and provide a greater value to growers and the market. The quality sugar produced from the sustainably-grown cane can be traced back through the chain, giving consumers confidence in what they are buying.”
Now all transactions can be recorded securely and visible to everyone in the database while using the robust attribute of blockchain technology.
Agriculture Minister David Littleproud positively commented on the initiative- “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.”
The Australian beverage industry inlines on an optimistic note- “We congratulate the government and the Queensland Cane Growers for launching the sustainable sugar project. Members of the Australian Beverages council have told us that consumers are increasingly looking out of products made from sustainability-sourced ingredients, so we believe this development will be welcomed by a broad cross-section of consumers.”
Blockchain technology is leaving its impressions on a large scale growth and coming out be an important source of innovation in different industry verticals including logistics and supply chain sectors.
It is plausible that Blockchain can truly disrupt multiple industries and make the processes more democratic, secure, transparent, and efficient. It is an unassailable intelligent creation which is playing the crucial role while disrupting the economies of the world.