Australian Government to pump A$2.2 million ($1.6 million) into a blockchain initiative that will add sugar production and its sustenance. The project which is backed by Prime Minister Malcolm Turnbull’s coalition will centre around Queensland, which is the major sugar export region in Australia.
The Blockchain Sugar Sustainability Project
This initiative is to make its sugar production more effective and competitive as reported by a local media on Tuesday.
The primary goal of the adoption of the initiative and its sponsorship by the government is to aid productivity, profitability, and sustainability in the sugarcane farms. The distributed ledger technology is created to lower cost, quicken transactions and give transparency as it tracks activities.
According to the minister of Agriculture and Water Resources of Australia, David Littleproud, told food navigator Asia, that “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 capitalise on our important free trade agreements.” He maintains that buyers are more likely to pay more for the product in the future as the product become famous worldwide.
Even though the government is injecting fund into the project, the government will control and direct the project. Queensland Cane Growers Organization (Canegrowers) anchors it and will continue for four years. There will be an integration of Smartcane Best Management Practice (BMP), industry developed rules in conjunction with blockchain functions.
According to the Canegrowers spokesperson, it was said that “The Sustainable Sugar Project aims to meet the needs of end-users who require sustainably-produced sugar and to develop transparency around a market for that sugar. By using Smartcane BMP and blockchain technology, Canegrowers is seeking to provide provenance for our product, increase our market access and provide greater value to growers and the market.”
Production is a very buoyant venture in Australia as it was estimated to be A$ 1.7 billion ($1.2 billion) in 2016/2017, according to Food Navigator Asia, as Queensland owns 95% of production. Sugar is essential to the Australian economy as it forms part of its major export to South Korea, Japan, Indonesia and other countries.
While Australia is adopting the blockchain technology to transform, development and make its agricultural sector more effective, Blockchain technology continues the trend of spreading its tentacles into every sphere of human life, as it has been used for health, transport, finance, and education.