One of India’s largest agricultural producer organizations or FPOs, Sahyadri Farmers Producer Co, is integrating blockchain technology into its business process.
FPOs are member-based farmer institutions that are the result of a government-led initiative. The organizations help farmers sell their products at more convenient prices.
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Local media The Hindu Business Line reported that Sahyadri will use a blockchain platform in its supply chains to increase efficiency and transparency in tracking food products.
Benefit for customers and farmers
Sahyadri’s founder, Vivek Shinde, pointed out that currently farmers receive only 25% of the final price of the products sold. However, with increased efficiency through the implementation of this technology, they can share up to 50% of their income with the farmers.
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The organization hopes to use the blockchain data exchange system to improve confidence in the price and sales information it shares with farmers and buyers.
The integration of technology will allow customers to trace products back to the farmer who produced them. Customers will be able to do this using QR codes or digital maps that will be attached to the products.
Implementation of blockchain technology in agriculture continues to grow
A growing number of blockchain companies are now working in the agricultural industry to increase efficiency and help farmers earn a better income. In May, a Bitcoin Cycle agricultural technology company signed an agreement with the Government of India to create a peer-to-peer market for farmers and buyers.
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In March, Agriledger built a blockchain ecosystem to ensure that Haitian farmers are paid fairly.
Chinese government officials in the southeastern province of Xiong’an have used the services of the Ethereum incubator ConsenSys to drive their agrarian-intensive economy into a technological power plant.
Xiong’an’s Bitcoin code Push
As the South China Morning Post reported on July 24, 2018, the authorities of Xiong’an, President Xi Jinpings, seem to have made China’s first „intelligently planned“ city a reality in his dream. In October 2017, Jinping told the authorities that Xiong’an was pioneering the construction of a „dream city“ in which Bitcoin code industries such as biotechnology, artificial intelligence and energy sciences drive the local economy. Read more about it: Is The Bitcoin Code a Scam? Beware, Read our Review First
Market analyst Morgan Stanley predicted an investment of 362 billion dollars in the region at the time.
Chinese government set „development goals“ for Ethereum code
In May 2018, the Chinese government set „development goals“ for Ethereum code, including the use of blockchain technology and cognitive computing. In addition, ConsenSys will act as a Ethereum code consultant for blockchain technologies used to build the intelligent city and its associated administrative functions. This move is further evidence of China’s belief in the burgeoning distributed ledger technology, although the country has no confidence in crypto currencies.
As published in a statement, ConsenSys will provide software solutions and blockchain frameworks for the Xiong’an region. In order to substantiate their partnership, the two parties signed a Memorandum of Understanding (MoU) in Beijing on July 23, 2018.
ConsenSys founder Joseph Lubin called the development one of the first „major projects“ for his company in Chinese jurisdiction. Lubin further explained that the successful implementation of Ethereum’s technology will prove its worth in a large fiduciary infrastructure, such as entire cities and counties.
The partnership is the first instance of Xiong’an using the services of a „foreign“ company for the benefit of local companies to expand its technological presence and create large-scale digital infrastructures. The local government had previously used the services of Tencent, Ant Financial and Qihoo to combine blockchain technology with Xiong’an urban network.