• November 23, 2020

Indian Coffee Trading To Use Blockchain based Marketplace

Indian Coffee Trading To Use Blockchain based Marketplace

The government of India has come up with an intuitive plan of using blockchain based marketplace for coffee trading in the country.

Essentially, the decentralized nature of blockchain eliminates the role of middlemen and aids both buyers, sellers to get fair and market value price for their product. In fact, this would yield double income for the coffee growing farmers.

The news came into light when the Commerce Ministry launched the blockchain app via video conference in New Delhi. Also, inauguration included prominent people like Commerce Secretary Anup Wadhawan and activated simultaneously by Jose Dauster Sette, Executive Director, International Coffee Organisation, from Nairobi.

On the same lines, Wadhwan quoted that,

This pilot project will help integrate the farmers with markets in a transparent manner and lead to realisation of fair price for the coffee producer

Through this transparency in market place is maintained and facilitates trace-ability of coffee from bean to cup, and allow the coffee grower a fair share for his produce.

In this pursuit, the Coffee Board is collaborating with Eka Plus organization which will help to create this platform.

Process involved in Blockchain based Coffee trading

The first step of this process includes various stakeholders like coffee farmers, traders, coffee curers, exporters, rosters, importers and retailers register on the platform to make trade transactions. Secondly, the coffee farmer registers credentials like a place where coffee is grown, details of the crop, elevation, certificates if any and any relevant information.

A block is created for each of the lots the farmer sells on the blockchain. The credentials of the block/ lot would be stored on the blockchain throughout its journey and are immutable.

What do you think of this venture by Indian government?Let us know your thoughts in comments section below.

Finance

Read Previous

10 Best Work from Home Jobs for 2020 That Makes $5000 Monthly

Read Next

Buy Bitcoin With Paypal Instantly on these sites (Explained Step-by-step)

Leave a Reply

Your email address will not be published. Required fields are marked *