During the 56th International Agriculture Fair in Paris on Feb 23, French President Emmanuel Macron has proposed the idea of using blockchain technology to leverage supply chain management in the European agriculture sector.
European countries are called to join the allies against the giant market competitors such as the US, China, and Russia. Marcon also emphasized the importance of the EU’s Common Agricultural Policy (CAP) in this regard.
Marcon mentioned the implementation of blockchain technology would allow guaranteeing the origin and the traceability of the products. He added:
“Let’s do this in Europe, the avant-garde of agricultural technology, by developing tools that will track every product from raw material production to packaging and processing. 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.”
The French President believed the technology would leverage several industrial capabilities, especially in production and distribution phases of agricultural goods. This is aligned with consumer concerns about the products’ origin and sustainability.
Blockchain technology is having a positive growth in the supply chain sector. China’s Tmall Global – Alibaba’s business-to-consumer (B2C) retail portal – is currently testing a new blockchain system which can maximize tracking and transparency of its cross-border supply chain, according to The Crypto Sight on Feb 26.