The Ministry of Commerce and Industry has launched a blockchain-based online marketplace for coffee
3 min read
You’re reading Entrepreneur India, an international franchise of Entrepreneur Media.
Blockchain has the power to accelerate the digital transformation world is currently undergoing. The Indian government has been promoting technology inclusion to bring innovation into different fields. In another step to make the system efficient, the Ministry of Commerce and Industry launched a blockchain-based online marketplace for coffee.
Currently, on the pilot stage, the initiative will help integrate the farmers with markets in a transparent manner and lead to the realisation of a fair price for the coffee producer. Speaking on the occasion, the Commerce Secretary, Dr Anup Wadhawan said, “Blockchain will also reduce the number of layers between coffee growers and buyers and help farmers double their income.”
The Man Behind the Innovation
The Coffee Board of India will be joining forces with Bengaluru-based digital commodity management platform Eka Software Solutions (Eka Plus) for development of blockchain based marketplace application. “Eka Plus have developed the application and a group of 15-20 coffee farmers, exporters, roasters, importers and retailers are already registered on the platform from India and abroad,” the statement mentioned.
During a recent interview with Entrepreneur India’s Associate Editor, Aashika Jain, Manav Garg, the CEO and Founder of Eka Software had said, “We are trying to go with the coffee sector in India where we intend to digitize 300 farmers in 3000 acres of plantation.”
His passion to bring digitize commodity management; from agri-tech, digital energy, digital mining, artificial intelligence and Blockchain, led to the inception of his digital commodity management platform that is driven by cloud, machine learning and analytics.
Reducing Farmer’s Burden
Among the first few coffee blockchain processors for coffee in the world, the initiative will help in creating a brand image for Indian Coffee through traceability in reducing growers’ dependency on intermediaries by having a direct access to buyers for a fair price for their produce and in finding right coffee suppliers for exporters and within the stipulated time to meet the growing demands.
India is apparently the only country in the world where entire coffee is grown under shade, handpicked and sun-dried. It produces one of the best coffees in the world, produced by small coffee growers and tribal farmers. Indian coffee is highly valued in the world market and sold as premium coffees. The share of farmers in the final returns from coffee is very meagre.
Blockchain-based marketplace app for the trading of Indian coffees is intended to bring in transparency in the trade of Indian coffee, maintain the traceability of Indian coffee from bean to cup so as the consumer tastes real Indian coffee and the grower is paid fairly for his coffee produced.