Indian Farmer’s Company Integrates Blockchain Technology
One of India’s largest farmers’ companies has combined blockchain technology in an attempt to introduce traceability and boost income. Sahyadri Farmers Producer Company will enable the customers to trace their produce from the farm to their dinner plate. The company has been digitizing its supply chain as it attempts to comply with food safety standards, the chairman Vilas Shinde said in a statement. Blockchain developed as the most suitable for the company’s requirements as it improves trust between all the stakeholders, he stated.
By utilizing blockchain, Sahyadri will give the customers greater choice as they will be capable of tracking their food, from the quality of the seeds utilized to the harvesting, packaging, and distribution. This will be done by the simple scanning of a QR code on the product. The benefits of blockchain will be for the customers, but for the farmers, Shinde said in a statement. The farmers will also get to track their produce along the supply chain, including such details as to where the product is sold and at what price.
Recently, the company guarantees farmers a 25% share of the retail price for the produce it sells. Nevertheless, by combining blockchain technology, it will be capable of giving the farmers up to 50% share of the final price. Blockchain will decrease the costs originating from friction along the supply chain and cut down the middlemen who take a big piece of the farmer’s earnings.
The application of blockchain in agriculture has proliferated in recent years. According to Indian research firm MarketsandMarkets, the market has been increasing at a CAGR of 47.8%. The firm anticipated that this market would be worth $430 million in 2023. The Asia Pacific stands out as the region with the most active growth in this sector. For Australian farmers, blockchain will now be part of a one-stop farming solutions experience following a collaboration between Farm in One and MetaStreme. Farm in One allows farmers to manage all their processes on a single platform, from irrigation to spraying, mapping to monitoring.
By associating with leading Bitcoin SV wallet service MetaStreme, the company will now penetrate the data-rich Weather SV. The platform will enable the farmers to use this data to shape their activities and, consequently, maximize their profits.