The Coffee Board of India Views Blockchain-Driven Platform as the Holy Grail
At least 30,000 coffee farmers have signed up for a blockchain-driven electronic-market platform since it was launched by the Coffee Board of India (CBoI) in March
At least 30,000 coffee farmers have signed up for a blockchain-driven electronic-market platform since it was launchedby the Coffee Board of India (CBoI) in March.
Realistically, during its inception, this platform only attracted 23 farmers, and only 100 tonnes out of the country’s 320,000 tonnes of coffee generated in the 2018-19 period were sold through this framework. The response was lukewarm, but this has substantially changed because, by the end of October, nearly 30,000 farmers had registered on the blockchain-powered system.
The technology officer at CBoI, YB Venkat, stipulated: “There is a huge global market for Indian coffee. We are pushing farmers to join the platform so that they get better rates for their produce. Blockchain technology will help in this.”
Blockchain platform open to Indian coffee stakeholders
Various Indian coffee stakeholders, such as exporters, farmers, international buyers, roasters, and curers, have the liberty to register and trade on the blockchain platform. Nevertheless, complete registration happens after personal details of participants are verified by CBoI officials.
Expressly, data about any interaction on the platform is added to the blockchain after being converted into blocks using a hash, an encrypted code.
The adoption of the blockchain framework has been propelled by the unmatched traceability, efficiency, accountability, and transparency on the coffee supply chain. Moreover, middlemen are eliminated in the entire process, making farmers get value for money.
Image via Shutterstock
Image source: Shutterstock
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