One of India’s largest farmers’ companies has integrated blockchain technology in a bid to introduce traceability and boost income. Sahyadri Farmers Producer Company will allow the consumers to trace their produce from the farm to their dinner plate.
The company has been digitizing its supply chain as it seeks to comply with food safety standards, the chairman Vilas Shinde told The Hindu Business Line. Blockchain emerged the most suitable for the company’s needs as it enhances trust between all the stakeholders, he stated.
By using blockchain, Sahyadri will give the consumers greater choice as they will be able to track their food, from the quality of the seeds used, to the harvesting, packaging and distribution. This will be done through the simple scanning of a QR code on the product.
The benefits of blockchain will not only be for the consumers, but for the farmers as well, Shinde told the outlet. The farmers will also get to track their produce along the supply chain, including such details as where the produce is sold and at what price.
Currently, the company promises farmers a 25% share of the retail price for the produce it sells. However, by integrating blockchain technology, it will be able to give the farmers up to 50% share of the final price. Blockchain will reduce the costs emanating from friction along the supply chain and cut down the middle men who take a big chunk of the farmer’s profits.
The use of blockchain in agriculture has grown rapidly in recent years. According to Indian research firm MarketsandMarkets, the market has been growing at a CAGR of 47.8%. The firm forecasted that this market will be worth $430 million in 2023. Asia Pacific stands out as the region with the fastest growth in this sector.
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