Australian governement invests in blockchain to make sugar more sustainable
As announced this week, the Australian government is promoting a blockchain project for the sustainable cultivation of sugar. This is intended to secure the supply chains of sugar cane imports into the country and thus guarantee origin and sustainable production.
Australia is one of the largest sugar producers and the second largest exporter of sweet produce worldwide. The project aims to meet the growing demand for sustainable sugar, especially from the beverage industry.
A smart future
Productivity, sustainability, and profitability — these are the pillars on which the Sustainable Sugar Project intends to place Australian sugar production in the future. In the future, a blockchain solution will help. As part of its Smartcane Best Management Practice (BMP) innovation campaign, the project intends to secure the sugar supply chains in the southern continent with the help of a blockchain. At the same time, the origin and production methods should be put on a secure footing.
The project is being supported by the Australian government. The initiative, led by the regional farmers’ association Queensland Cane Growers Organization (‘Canegrowers’), now receives a cash injection of approximately $ 1.7 million from the Australian Treasury.
Demand for sustainable sugar is rising
With annual trade revenue of just under $ 2 billion and an export quota of up to 85 percent, Australia is not only one of the largest sugar producers in the world, but Brazil’s second largest exporter of sweets.
Demand for sustainably grown sugar is currently growing worldwide, especially among the beverage industry. For example, Coca-Cola wants to cover its sugar needs entirely from sustainable sources by 2020.
Blockchain is big down under
Meanwhile, Down Under Blockchain technology is on the rise. While the government in Canberra has been trying to adjust to a number of legal loopholes since last year and is promoting blockchain projects, for example in the energy sector, the Australian Commonwealth Bank (CBA) announced last week that its milestones have been reached. The bank succeeded in shipping 17 tonnes of almonds from Victoria, Australia to Hamburg on the basis of an Ethereum Blockchain.