Australia is currently making more and more headlines in regards to its ever-increasing use of cryptocurrency and blockchain technologies. Recently, the Australian government has granted $1,7 million to the Sustainable Sugar Project, as reported by Foodnavigator-Asia.
The Sustainable Sugar Project will track the provenance of sugar supplies in Australia with the help of blockchain technology. The project is led by the Queensland Cane Growers Organization who will partner with Queensland Sugar Ltd for the project’s four-year duration.
“Blockchain’s main attribute 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 organization told Foodnavigator-Asia.
Simply put, sugar buyers will be able to see where the product comes from as well as the provenance and sustainability of the farm, all with the help of blockchain technology.
The initiative was praised by various state institutions, The Ministry of Agriculture and Water Resources included. The Minister of Agriculture, David Littleproud declared that large buyers of sugar could pay more in the future for sustainable sugar.
“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, ” Littleproud stated.
Blockchain tech increasingly popular in Australia
This initiative doesn’t only show Australia’s commitment to invest in blockchain technologies, but the fact that blockchain is very relevant when it comes to logistics and supply chain applications. Blockchain technology might very well be the future for supply chains as it offers a cheaper and arguably more efficient way of tracking products globally.
Just recently, Australia made headlines thanks to an initiative of the Commonwealth Bank of Australia. The bank successfully tracked 17 tons of almonds from Australia to Germany using blockchain and IoT tech.