India’s Blockchain Marketplace Receives Major Boost as 30,000 Farmers Sign Up
India's blockchain platform that tracks coffee has received a significant boost. That is after 30,000 farmers chose to join the platform only a few months after it was initiated.
Coffee Board of India joined hands with Eka Software Solutions which is a software firm to inaugurate a blockchain platform for coffee. Exporters, roasters, farmers, curers, and international customers can all register on the platform and engage in the coffee trade from there.
Coffee Season Seems Strong Despite Slow Start
When the platform was launched in March, there was a slow reaction and interest from the involved stakeholders. A total of 23 farmers signed up on the blockchain platform, and they produced only 100 tonnes out of a possible 320,000 tonnes of India's coffee.
The reason attributed to the low turnout was because it was off the coffee season. With the season expected to pick from November to March, farmers seem to be more interested in the platform now. That is because over 30,000 farmers have joined the platform eight months after it went live.
Coffee quality is usually dictated by where it is grown. India's production of coffee went down by 10% between 2016 and 2018. The government is looking to boost coffee sales since almost 70% is exported, meaning that it is a substantial income earner for the country.
That will happen by making sure that the coffee consumers can verify where the coffee came from. The coffee board will be responsible for uploading certificates on the blockchain platform that can be verified by consumers.
Back then, farmers received peanuts because of agents and intermediaries who took up most of the cash for their products. The farmer would receive less than 5% of what the agents received for every cup of coffee. With the introduction of this platform, the government aims at doing away with the agents so that farmers can obtain what they ought to be getting for their efforts.