Coffee Board of India to Use Blockchain Distributed Ledger Tech for Supply Chain Improvements
Although India has been attacking virtual currencies during the last year, the country is ready to start using blockchain technology to improve the coffee supply chain.
The Coffee Board of India has recently launched a new blockchain-based marketplace that aims at integrating coffee farmers and the markets. The information was released by the Indian Ministry of Commerce and Industry (MCI) a few hours ago.
Enhanced Coffee Supply Chain in India
The Coffee Board, which is backed by the MCI, has decided to roll out an e-marketplace for coffee producers and reduce the number of intermediaries in the coffee market. This aims at improving efficiency and reducing friction in the market.
As per the report, the new product is expected to be delivered in the form of an application and it will be improving traceability and transparency of coffee related products in the country. Firms and individuals will be able to have information about the coffee they consume “from bean to cup.”
According to Business Line, the application will be launch in a pilot phase and there will be just a limited number of growers. If the test ends up being a successful trial, it might be possible to expand to all the 350,000 coffee growers in the country.
Stakeholders such as coffee farmers, exporters and importers will have to be registered on the platform to make trade transactions. There will be a block created for each of the lots the farmer sells on the blockchain.
There are many different projects around the world that are related to blockchain technology and that aim at improving supply chains. For example, JD.com and Carrefour are working with distributed ledger technology (DLT) in order to track some products such as meat and chicken.
This would allow these firms and users to know from where the food they are dealing with comes from and how it has been handled during the whole supply chain from the farm until it reaches the supermarket.