The United Arab Emirates has introduced a new e-commerce platform to aid the relations between its food industry and farmers in India. The new blockchain-powered platform, called Agriota, was launched according to the directives of Dubai’s free-zone Dubai Multi Commodities Centre (DMCC) and Dubai’s authority on commodities trade and enterprise.
The UAE Forsan in a tweet dated 26th of August, released that “DMCC Authority launches Agriota E-Marketplace, a technology-driven agri-commodity trading and sourcing platform.”
— UAE Forsan (@UAE_Forsan) August 26, 2020
The e-commerce platform is designed to help rural farmers in India gain direct access to the UAE food industry. The food industry includes traders as well as food processing companies and wholesalers.
This would be made available through the technology-driven sourcing and trading platform. Not only will Indian farmers gain direct access, the platform will also promote traceability and supply chain optimization to help stakeholders create value.
In the initial running of the platform, Agriota will offer fruits, vegetables, oil seeds, cereals, condiments and spices. Furthermore, plans has been put in place to guarantee a safer transfer of funds while using the platform. For this reason, a proprietary banking method with multiple tier escrow system has been put in place.
Utilizing blockchain to promote traceability
In a bid to boost transparency and end-to-end traceability, Agriota platform has employed blockchain. The blockchain technology will employ through last-mile verification and extension structure.
Gautam Sashittal, CEO and Executive Chairman of DMCC, said that many farmers in India will benefit from Agriota, even as this will also ensure greater security of food in the UAE. He said, “The UAE has a comprehensive plan in place to ensure food security and champion agribusiness trade facilitation, with the ultimate goal of positioning our nation as a world leading hub in innovation-driven food security.
“The launch of an innovative model like Agriota will inch the UAE closer to the top of the Global Food Security Index,” Sashittal said. This shows that the platform will strengthen rural environments, promote food security for the UAE on a long-term basis, and improve the delivery of quality farm-to-shelf products.
Agriota as an agri-commodity platform is in line with the comprehensive plan of the UAE to promote its food security and ensure the trade facilitation of agricultural business. The ultimate aim of this plan is to position itself as a global leader in technology driven food security.
Recently, Sri Lanka announced proof-of-concept shortlist for a blockchain-based KYC.
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