The Government of India has partnered with a Blockchain startup to help increase its profits by eliminating the broker.
How I know ad On Tuesday, tech startup company Acri10x will partner with the Indian government to stimulate farmers across the country. The idea is to build a better connection between small producers, their businesses and markets.
In this way, the country's remote farmers will be able to sell their products faster and with higher profits.
Agri10x is a global agricultural electronic marketplace with artificial intelligence and blockchain. As reported, the new association will give exclusive access to the government's 5 lakh Common Service Centers (CSCs) across India. In this way, village-level entrepreneurs will be able to help farmers register on the company's platform and help them sell their products directly.
The result is that some of the intermediaries will be cut off from the production route between farmland and the market, which will facilitate access even for global buyers. Therefore, farming communities would receive a fairer payment for their production and could also boost the overall farming industry.
India aboard Blockchain
As announced, Agri10x CTO Sundeep Bose emphasized that the platform and the new agreement with the government in India will help farmers understand the true value of their products. The blockchain company has plans to expand the service and add more farmers to the project by December 2020.
As the company specified in a previous statement, blockchain technology is highly usable in many ways in agriculture. You can trace the true origin of a given product, which can be labeled organic or regular trade, so this will generate even greater consumer confidence in the products in local and global markets. It could also help collect real-time data on the variety of agricultural processes, such as harvesting, for example.
It's worth noting that the country appears to be taking a pretty exciting approach towards blockchain and cryptocurrencies. Not long ago, India's central bank issued a blanket ban on cryptocurrencies, which was later lifted. However, even though the bank seems to be fighting against him, the country's government is obviously positively blockchain oriented.