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Spices Board signed a deal with UNDP to develop a blockchain-powered traceability interface

  • Category
    Science & Technology
  • Published
    13th Apr, 2021

The Spices Board India has signed an MoU with UNDP India’s Accelerator Lab to build a blockchain-based traceability interface for Indian spices for enhancing the transparency in the supply chain and trade.

Context

The Spices Board India has signed an MoU with UNDP India’s Accelerator Lab to build a blockchain-based traceability interface for Indian spices for enhancing the transparency in the supply chain and trade.

About

About the Blockchain-powered traceability interface

  • It is a decentralized process of recording transactions in an open and shared electronic ledger.
  • The interface is an easy and transparent data management system across a complex network of farmers, brokers, distributors, processors, retailers, regulators, and consumers.
  • UNDP and Spices Board India are also trying to integrating the Blockchain Traceability Interface with the e-spice Bazaar portal.

Spice Board of India

  • Spices Board comes under the Ministry of Commerce and Industry, Government of India.
    • It was founded in 1987.
  • It is a flagship organization for the development and worldwide promotion of Indian spices.
  • The Board is an international link between the Indian importers and the exporters abroad.
  • Significance: It will help in simplifying the supply chain.
  • It will allow farmers to access the information, which further makes the entire supply chain more efficient and equitable.
  • This traceability interface is expected to boost consumer confidence and facilitate the sourcing of spices for exports as well as for local value use.
  • The technology will also help in rebuilding the pandemic affected supply chains.

Potential Blockchain Technology Benefits for Agriculture

  • Blockchain technology offers a reliable approach to tracing transactions between anonymous participants.
    • It can reduce fraud and malfunctions by quick detection.
  • It can be helpful for agricultural insurance, smart farming, food supply chain, and transactions of agricultural products.
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