The Australian government recently extended their support to the Sustainable Sugar Project in terms of financial dimensions. The government provided an amount of $2.25 million Australian Dollar (1.7 million dollars) as a grant for the project. The news was reported by Foodnavigator-Asia on July 30th, 2018.
The project is yet another implementation of the blockchain technology as it uses the blockchain technology to track sugar imports and exports for greater transparency and accurate information of the articles.
The project of Sustainable Sugar is led by Cane Growers Organization of Queensland. The project features the execution of real-time tracking of all sugar supplies to Australia that would provide a better insight. The initiative is termed as the Smart Cane Best Management Practice (BMP) which is a part of one of the steps taken to boost efficiency and traceability in the sugar industry.
The Canegrowers viewed the blockchain technology as a very fruitful investment in their field. They extended their view to Foodnavigator-Asia saying the clear details of the sugarcane owner, production, and background helps the buyer trust in the stock. It will also bring the sustainability of the farm.
”Blockchain’s USP is a safe and secure database that records all transactions and details efficiently with transparent visibility and fewer third-party attacks. The blockchain in the field enables the buyers to assure themselves of the product quality by easily tracking back to the production house or farm anywhere in the supply chain. This encourages a level of trust and faith.” they added.
To bring out this initiative to reality the expert players of the industry along with sugarcane farmers joined hands to enable best practices. These revised processes work upon productivity, efficiency, and profitability.
A report issued by the Ministry of Agriculture and Water Resources started that regular sugar buyers could pay more in the future for sustainable sugar, as customers are more attracted towards the highest sustained source product. And this information would be viewable with the help of blockchain.
David Littleproud the Agriculture Minister added “This technological advancement would induce assurance in hearts of the customers they would know the sustainability of the sugar and would be satisfied with the sustainable processes our farmers follow. All this will highly attract a premium price for their work.”
Blockchain technology has been a revolution in the world of logistics and supply chain applications and processes. It is cheaper and widely adapted characteristic helps efficiently in the tracking of goods. The most beneficial aspect is that its decentralized aspect helps to implement it anywhere in a complex supply globally.
The Commonwealth Bank of Australia declares the successful number of their initiative too. They report that they have completed a successful trade of sending and tracking 17 tons of almonds sent to Europe with the help of blockchain. The platform was a part of the collaborative effort of five great supply chain leaders which was led out by distributed ledger technology (a decentralized blockchain), Internet of things and smart contracts.
Earlier this month, a new advancement in the emerging technology was released. The U.S. IT firm Oracle launched their own blockchain based project that focuses on supply chain authentication and transaction efficiency.
Oracle blockchain cloud uses Hyperledger Fabric as its foundation which is launched following a trial series with various banks, government organizations, and enterprises as their clients.