The Coffee Board of India on Thursday’s launched the pilot of India’s first blockchain-based marketplace app for trading in Indian coffee. The initiative was announced by union minister of commerce and industry, Suresh Prabhu last September.
The project is known as “Coffee Blockchain Initiative” will allow producers to directly deal with multiple buyers and removing the middlemen from the process. The project was launched by Jose Dauster Sette, executive director of the International Coffee Organisation from Nairobi and Anup Wadhawan, India’s commerce secretary from New Delhi.
Indian coffee is cultivated in about 454,000 hectares of land by over 366,000 farmers of which 98 per cent are small farmers. Srivatsa Krishna, the CEO of the coffee board said that the aim of the blockchain project is to “premium-ise” coffee and add the “bean to cup traceability” by cutting the role of middlemen.
Commenting on the scale of the project, Krishna added:
“There were more than 20 stakeholders from three different countries. We had to get all of them on board, and then test the platform. We believe this is perhaps only the third attempt at a coffee blockchain after France and Ethiopia,”
The application has been developed in collaboration with Ekta Software Solutions. Its CEO, Manish Garg said that the idea behind the blockchain application is to “record the first smart contract on a blockchain with the 20-odd stakeholders, and establish trust in the marketplace”.
He added: “With this activation, we are confident that the Coffee Board of India will help the Indian coffee trade make more inroads into the premium market internationally and make India one of the top three coffee producers in the world.”
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