UNDP, Spice Board India to enhance spice trade using blockchain

UNDP, Spice Board India to enhance spice trade using blockchain

UNDP India has recently announced that it has inked an agreement with Spices Board India to develop a blockchain-led traceability interface for Indian spices to improve transparency in trading. Citing reliable sources, under the MoU, both UNDP and Spices Board India is aiming at combining the Blockchain Traceability Interface with the e-Spice Bazaar platform by the Spices Board of India to connect spices farmers with markets.

In addition to the above, the design of blockchain interface is likely to be completed by May 2021, and the pilot is expected to be trialed with more than 3,000 chili farmers from Guntur, Andhra Pradesh.

An official statement claims that UNDP India has gained independent support from the Cabinet Office of Japan for the initiative under Japan’s SDGs Innovation Challenge. Blockchain is a decentralized technique of recording transactions on an electronic ledger that is shared and open.

It offers lucidity and transparency in data management across networks like brokers, farmers, distributors, retailers, processors, consumers, and regulators, simplifying the supply chain. The novel blockchain-led platform for spices produced in India will aim at improving the quality of agricultural export commodities. It will give farmers the right to information, making the entire supply chain equitable and efficient.

According to a statement by Shoko Noda, Resident Representative at UNDP India, the novel blockchain interface will help in connecting farmers with International markets and increase their incomes. The technology will also help in rebuilding supply chains that were affected due to the COVID-19 pandemic by offering trading partners and consumers secured data related to transactions and goods.  

On the other hand, D Sathiyan, Secretary of Spices Board India, was reportedly quoted stating that the changing order in the global spices and food industry has increased the relevance of infrastructural development for value addition, food safety, certification of quality as well as the promotion of spices that carry immunity-boosting properties, among various others.

Source Credit: https://www.financialexpress.com/industry/undp-india-spices-board-india-ink-mou-for-blockchain-powered-system/2227330/