India's Blockchain Coffee Platform Sees 30,000 Participants
The Indian blockchain-based electronic-market platform for coffee has seen very significant adoption by farmers in the country. According to a report, about 30,000 farmers registered on the e-market platform, as of October end.
This is a huge figure when compared to the number of farmers that registered during the launch in March 2019. Only 23 farmers signed up. Also, about 100 tonnes of India's 0.32 million tonnes of coffee produced in 2018-19 sold on the platform.
Launched by the Coffee Board of India (CBoI), the authority noted that response to the platform was dull at launch. This was probably because the coffee season, which lasts from November till March, was almost over, according to CBoI.
For the first time, a government agency is using blockchain in the country. Bengaluru-based Eka Software Solutions reportedly built the web and mobile app for CBoI.
YB Venkat Reddy, technology officer at CBoI said: "There is a huge global market for Indian coffee. We are pushing farmers to join the platform so that they get better rates for their produce. Blockchain technology will help in this."
As per the report, farmers, international buyers, curers, exporters, and roasters can register and trade on the blockchain platform.
The registration becomes valid once a CBoI official verifies the details of the applicant. Due to the nature of blockchain technology, the information recorded on the platform cannot be fudged.
Need for a Blockchain-based Coffee Platform
Giving the reason for a blockchain-powered coffee platform, Shuchi Nijhawan, vice-president of Eka Software Solutions said:
"Blockchain offers unmatched traceability and increases the transparency, accountability, and efficiency of the coffee supply chain."
In addition to that, the blockchain removes the need for intermediaries, as the farmers traditionally sold coffee through agents. They give coffee to agents since most of them do not have storage facilities. However, the platform today allows them to trade directly on the platform.
About The Author
Ibiam WayasIbiam Wayas is an optimistic crypto news reporter who also enjoys tech writing. He is an introvert who spends much of his time on the internet studying facts that will help him excel in the digital/cryptocurrency space.
Ukraine Passes Law on AML with Crypto P...Richard M Adrian 07:09 AM 07 Dec 2019
Immigration Bureau Arrest 24 Chinese Nat...Richard M Adrian 14:05 PM 06 Dec 2019
India's Central Bank (RBI) Reveals Plans...Olowo 06:03 AM 07 Dec 2019
Binance Seeks Staff To Ramp Up Its Prese...Sandeep Kumar Mishra 13:49 PM 06 Dec 2019
Ernst & Young Updates Ethereum with ...Richard M Adrian 13:32 PM 06 Dec 2019
Mnuchin & Powell Say Digital Dollar ...Shilpa Ranga 13:33 PM 06 Dec 2019
Crypto Opponent to Chair Congress Subcom...Richard M Adrian 13:10 PM 06 Dec 2019