Representatives of the food industry The UAE could soon have a blockchain-based supply chain to source agricultural products directly from India.
According to a report dated Aug. 31 United Arab Emirates (UAE) officials will use the Agriota E-Marketplace, a new platform using blockchain technology, to bridge the gap between Indian farmers and the country’s food industry. Agriota reportedly provides transparency by auditing the food supply chain from Indian farms to food processors, distributors and wholesalers in the UAE.
Essentially, The platform enables Indian farmers to connect directly with food industry companies in the UAE to sell grain, seeds, fruits, vegetables, spices and spices. India exported more than $ 1 billion worth of food to the UAE in 2019. This is based on data from the country’s export development agency for prepared food and agricultural products.
“The United Arab Emirates has a comprehensive food security plan and is committed to facilitating trade with agricultural companieswith the ultimate goal of positioning our nation as the world’s leading center for innovation-driven food safety, “said Pavan Kapoor, Indian Ambassador to the United Arab Emirates.
Supported by the Dubai Multiple Commodity Center (DMCC) and developed with the Indian company CropData Technology, Agriota will also reportedly offer secure transactions through a tiered escrow structure. The DMCC was founded in 2002 by the Dubai government to provide the financial infrastructure and arouse interest in world trade of goods.
Several blockchain companies are partnering with agribusiness to increase efficiency and help farmers make better incomes. Cointelegraph reported in July that one of India’s largest agricultural producer organizations was integrating blockchain technology to provide farmers with higher pay. In May, another blockchain startup signed an agreement with the Indian government to create a peer-to-peer market for farmers and buyers..