The food industry in the United Arab Emirates may soon establish a blockchain-based supply chain with purchases of agricultural products directly from India.
Officials in the United Arab Emirates will use the Agriota E-Marketplace, a new platform using blockchain technology, to bridge the gap between farmers in India and the country’s food industry, according to a report released on August 31. Agriota is said to provide transparency by verifying the food supply chain from Indian farms to food processors, traders and wholesalers in the United Arab Emirates.
Essentially, the platform will allow Indian farmers to contact UAE food companies directly to obtain grains, seeds, fruits, vegetables, spices and condiments. India exported more than $ 1 billion in food to the United Arab Emirates in 2019, according to the UAE Agricultural Export Development Authority and Processed Foods.
“The United Arab Emirates has a comprehensive plan to ensure food security and facilitate agricultural trade, with the ultimate goal of making our country a leading global center for food security through innovation,” said Pavan Kapoor, India’s Ambassador to the United States. Arab Emirates. …
Supported by the Dubai Multi Commodities Center (DMCC) and developed by the Indian company CropData Technology, Agriota will also provide secure transactions through a multi-level insurance structure. The DMCC was established in 2002 by the Government of Dubai to provide financial infrastructure and stimulate interest in global commodity trading.
A number of blockchain companies are working with the agricultural industry to improve efficiency and help farmers generate more income. In July, the Cointelegraph announced that one of India’s largest farmers’ organizations would integrate the blockchain to help farmers earn higher wages. In May, another blockchain-based startup signed an agreement with the Indian government to create a peer-to-peer market for farmers and buyers.