French President Calls for Adoption of Blockchain Technology in Agricultural Industry

Emphasizing reinvigorating the supply chain of the European agriculture industry, the President of France, Emmanuel Macron called upon the member countries to adopt blockchain technology. Macron was speaking at 56th International Agriculture Fair that was organized in Paris on Feb 23, 2019. The remarks were seen in the positive light by the blockchain industry which has found its way into a number of different segments including supply chain, financial technology, logistics, and warehousing.

President Macron called upon European countries to unite and adopt new technologies in order to fend off the competition arising from the other global markets including the United States, Russia, and China. He highlighted the importance of common agricultural policy (CAP) adopted by the nations of the European Union and emphasized that much more need to be done to take the best possible advantage from the united path the countries have adopted for the larger good of nations. The president outlined three focus areas that will help the continent to make giant strides in the agricultural industry by successfully taking on the competition.

Blockchain Advocacy

Putting forward the viewpoint that no customer or farmer should feel undue pressure from the non-European countries, Macron called for embracing innovations including blockchain for increasing efficiency and productivity. Macron said that Europe must develop the tools for tracking the products from the moment the business get the raw material to the time final production version is delivered.  The innovation is already there, and it must be fully utilized to benefit the final customer in the value chain. The blockchain has the potential to allay the mounting concerns of the customers’ about the product genuineness and sustainability, the president added.

Shared Development

Expressing his views on ecological policies, President Macron opined that France should focus on the opportunities for shared development in Africa by “exporting its technical know-how” and fostering the strength of relationships with emerging markets. President Macron earlier served in the Ministry of Economy, Industry, and Digital affairs and is quite well-versed with technological development happening across the globe. He has always advocated the use of digital technology and innovations to bring reform to the administrative processes right from the very beginning of his tenure. In 2017, the President pledged to convert French into a country of start-ups, a sentiment that is well responded by his colleagues in the government. Bruno Le Maire, who is heading the ministry for Economy and Finance, said that the country is ready for the blockchain revolution and they are delighted to embrace this innovation to spur the operational efficiencies.

According to a study released in fall 2018, the blockchain in the agricultural sector is going to be worth $400 million by the end of 2023 even as the technology continues to grow across the segments including financial management, supply chain, logistics, power, and energy sectors among others. Taking the cue from the rest of the world, China has announced a new regulatory framework for the use of blockchain technology in its agriculture sector earlier this month. The move is sure to help cryptocurrencies spread their wings in the world’s most populous country though overall tone of the Chinese government towards the cryptocurrency and blockchain technology continues to remain negative.

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