Spices Board and UNDP signal MoU to construct blockchain-based traceability Interface | Business

Spices Board India underneath the Ministry of Commerce and Industry and UNDP India’s Accelerator Lab right now signed a Memorandum of Understanding (MoU), with the intention to construct a blockchain-based traceability interface for Indian spices to boost transparency in provide chain and commerce.

Blockchain is a decentralized strategy of recording transactions on an open and shared digital ledger. This permits for ease and transparency in knowledge administration throughout a fancy community, together with, farmers, brokers, distributors, processors, retailers, regulators, and customers, thus simplifying the availability chain. It will permit farmers simply as all different members of the availability chain to entry the data which additional makes all the provide chain extra environment friendly and equitable.

UNDP and Spices Board India are working in direction of integrating the Blockchain Traceability Interface with the e-Spice Bazaar portal developed by Spices Board India for connecting spices farmers with markets. The design of the Blockchain interface is predicted to be accomplished by May’21. The challenge can be piloted with over 3,000 farmers engaged in chilli and turmeric farming in choose districts of Andhra Pradesh.

On this joint initiative, Shri. D. Sathiyan, Secretary, Spices Board India stated that India is the biggest exporter, producer and shopper of spices on the planet. India’s spices export crossed a milestone of three Bn USD throughout 2019-20 and our estimates point out that we’d cross that milestone and obtain a brand new excessive throughout 2020-21. Spices Board, the company chargeable for the export promotion of Indian spices on the planet markets, is blissful about these achievements and want to facilitate additional progress within the sector.

Shri. D. Sathiyansaid that the altering order within the international spices and meals sector has elevated the relevance of infrastructure improvement for worth addition, certification for high quality and meals security, implementation of traceability programs, promotion of spices highlighting the immunity-boosting properties, and so forth., and the Board has been working tirelessly to offer help to the stakeholders of the sector and to strengthen the availability chain in order to place India because the premier vacation spot for clear and protected spices to the world.

This UNDP-Spices Board joint initiative to construct a blockchain-powered traceability interface for Indian spices is one other important milestone in our journey to make the spices worth chain environment friendly, clear and equitable for all stakeholders. This traceability interface is predicted to boost shopper confidence and facilitate the sourcing of spices for exports in addition to for native worth addition and use. Upon profitable demonstration, the Board want to increase the attain of this interface to cowl all main spices and areas of the nation, and expects to have steady partnership and help from the UNDP.

Speaking on the collaboration, Ms Shoko Noda, Resident Representative, UNDP India, stated, “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.”

(With Inputs from PIB)

LEAVE A REPLY

Please enter your comment!
Please enter your name here