French President Emmanuel Macron has advocated the use of blockchain technology in supply chain management for Europe’s agriculture industry.
Speaking at the 56th International Agriculture Fair held in Paris over the weekend, Macron urged his European counterparts to form an alliance and counter competition from global markets in China, Russia and the United States; as he went on to emphasize the importance of EU’s Common Agricultural Policy (CAP) in this regard.
In his speech, he highlights key strategies aimed at giving EU countries and their agricultural chain (farmers and consumers) a competitive edge over the diktat of the non-EU member states. A keynote strategy according to him involves the use of innovative tech such as blockchain technology which he goes on to explain:
In this respect, we must make Europe the vanguard of agricultural data by developing tools that will make it possible to track each product from the production of raw materials and processing to transport and packaging. The innovation is there and it must be used in the agricultural world, it must be fully used because it is at the service of shared excellence and it will serve the consumer.
Blockchain can bring transparency to agricultural production and distribution to assuage mounting consumer concerns about products’ provenance and sustainability, he added.
Mr Macron also expressed the need to focus on shared development and opportunities in Africa as he called for France to “export its know-how” and foster the strength of emerging markets like that of Africa.
President Macron is known to be a staunch supporter of emerging technologies as he believes in the evolving of national economies through innovation and digitization. France is also said to have kick-started plans to invest 700 million dollars in blockchain tools and artificial intelligence.
More Blockchain Utilities in Agriculture
Aside tracking of agricultural products across supply chains, a blockchain system offers an efficient, faster and low cost distribution system for farm products documentation, a system to combat fraud especially for subsidies and state-backed welfare schemes for farmers, a counterfeiting prevention mechanism to maintain top quality agriculture products and a means to ensure trade compliant agreements between EU states.
The above will portend a win-win situation for both farmers and consumer with reference to profits and quality respectively.
Currently, though Europe has some of the most tech developed countries in the world, the continent is yet to place a firm hold or develop enough successful cryptocurrency and blockchain projects.