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.