Design of the Blockchain interface is expected to be completed by May’21
Spices Board India under Ministry of Commerce and Industry and the United Nations Development Programme (UNDP) India’s Accelerator Lab have signed a Memorandum of Understanding (MoU), with the aim to build a blockchain based traceability interface for Indian spices to enhance transparency in supply chain and trade.
Blockchain is a decentralized process of recording transactions on an open and shared electronic ledger. This allows for ease and transparency in data management across a complex network, including, farmers, brokers, distributors, processors, retailers, regulators, and consumers, thus simplifying the supply chain.
UNDP and Spices Board India are working towards integrating the Blockchain Traceability Interface with the e-Spice Bazaar portal developed by Spices Board India for connecting spices farmers with markets.
Design of the Blockchain interface is expected to be completed by May’21. The project will be piloted with over 3,000 farmers engaged in chilli and turmeric farming in select Districts of Andhra Pradesh.
On this joint initiative, D. Sathiyan, Secretary, Spices Board India said that India is the largest exporter, producer and consumer of spices in the world. India’s spices export crossed a milestone of $3 Billion during 2019-20 and our estimates indicate that we would cross that milestone and achieve a new high during the 2020-21.
Shoko Noda, Resident Representative, UNDP India, said, “We are confident that the blockchain interface will help connect the spice farmers with international markets and add to their income. The technology can also help in rebuilding the pandemic affected supply chains by providing trading partners and consumers with trusted and secured data on goods and transactions.”