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The Ministry of Commerce and Industry of the government of India has launched a blockchain-based e-marketplace for coffee.
Commerce Secretary Anup Wadhawan launched the coffee e-marketplace through video conferencing in New Delhi on Thursday, March 28.
The objective is to help farmers integrate directly with markets in a transparent manner, allowing them to realize fair prices for their produce. Wadhawan said that blockchain technology will help reduce the number of intermediaries between coffee growers and buyers and help farmers double their income.
The ministry noted that India produces one of the best coffees in the world, with a considerable portion coming from small coffee growers and tribal farmers. Although Indian coffee is highly valued in the world market, the share of farmers in the final returns from coffee is very low.
The blockchain-based marketplace app for trading Indian coffee will help bring transparency and maintain the traceability of Indian coffee from bean to cup, the ministry said. Also, by facilitating direct access to buyers, it will reduce growers’ dependency on intermediaries and help them get a fair price for their produce.
According to the announcement, Coffee Board has collaborated with Eka Plus for the development of the app. Eka Plus has developed the application and a group of 15-20 coffee farmers, exporters, roasters, importers and retailers have already registered on the platform from India and abroad.
Various stakeholders – coffee farmers, traders, coffee curers, exporters, rosters, importers and retailers – register on the platform to make trade transactions. The coffee farmer will register key information such as the place where coffee is grown, details of the crop, elevation, and certificates if any. A block is created for each of the lot the farmer sells on the blockchain.
“The credentials of the block/ lot will be stored on the Blockchain throughout its journey and are immutable,” it said.
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