The Australian Government Approves $2.25 Million To Sustain Blockchain Sugar Project https://ift.tt/2v5q7vH

The Australian government has recently granted A$2.25 million ($1.7 million) to the Sustainable Sugar Project, Foodnavigator.

The Sustainable Sugar Project led by the Queensland Cane Growers Organization will use blockchain technology to track the origin of sugar deliveries to Australia. The inventiveness known as the Smart Cane Best Management Practice (BMP) is part of a sugar industry pushes for better sustainability and traceability.

Blockchain technology will allegedly let the purchasers to clearly see where sugarcane comes from and prove the origin and sustainability of the farm.

For this initiative, industry experts and sugarcane farmers are working together on the best practices and industry standards based on efficiency, sustainability, and cost-effectiveness.

The Ministry of Agriculture and Water Resources stated that bulky buyers of sugar can pay more in the future for maintainable of sugar, as consumers progressively demand sustainably-sourced products.

According to Agriculture Minister David Littleproud, blockchain technology could offer guarantees around the sustainability of the country’s sugar and safeguard cane farmers using maintainable practices that could entice a premium for their product.

Blockchain technology has confirmed to be a benefit for logistics and supply chain applications and is extensively observed as a cheaper and more well-organized way to track difficult supply chains internationally.

At present, the Commonwealth Bank of Australia announced that with the help of blockchain technology it has accomplished a fruitful trade of 20 tons of almonds to Europe. The platform, which was part of a cooperative effort of five supply chain leaders, is reinforced by distributed ledger technology (DLT), Internet of Things (IoT), as well as smart contracts.

According to the news published in Coin Telegraph, earlier this week, U.S. computer technology company Oracle had released its blockchain platform concentrating on operational effectiveness and supply chain verification. Oracle Blockchain Cloud Service uses Hyperledger Fabric as its basis and launched following a series of trials with banking, business, and government customers.

The post The Australian Government Approves $2.25 Million To Sustain Blockchain Sugar Project appeared first on OWLT Market.

from OWLT Market https://ift.tt/2v5q7vH
via IFTTT