WHAT THEHEEBEE SAYS ABOUT BLOCKCHAIN INITIATIVE BY INDIAN COFFEE BOARD
- Coffee Board launches a technical initiative called “Coffee Blockchain Initiative” to help the coffee producers connect better with the buyers. The technical initiative was developed by Eka Software Solutions and was conceptualized by Union Minister Mr. Suresh Prabhu.
- This puts India at the 3rd spot in Coffee BlockChain initiative after France and Ethiopia.
On 28-Mar-2018, Thursday, Coffee Board had a successful launch of their technical initiative called “Coffee BlockChain Initiative” here at Bengaluru, the heart of Indian IT Industry.
This initiative is aimed at bringing the required transparency and traceability in the Indian Coffee trading so that the coffee grower gets a fair pay for his produce and the consumer tastes the real Indian coffee. The Coffee BlockChain app connects the coffee growers directly with the buyers and eliminates the middleman, thus enabling a fair trade between both the parties. It also gives powers to the coffee grower as the final decision maker in all the trade bids.
With this initiative, Coffee Board has put India at the 3rd spot globally in coffee BlockChain initiative after France and Ethiopia.
This initiative was conceptualized by Commerce Minister Mr. Suresh Prabhu in September 2018 and launched on 28-Mar-2019, by Coffee Board CEO and Secretary, Mr Srivatsa Krishna in presence of dignitaries like Mr Anup Wadhwan, Commerce Secretary, Government of India, Mr Jose Dauster Sette, Executive Director, International Coffee Organization and His Highness Mr. Rahul Chhabra, High Commissioner of India to Kenya.
Salient features of the Coffee BlockChain app:
• Immutable producer-to-consumer traceability and transparency via a decentralized, locked ledger
• Better price discovery to the farmers
• A stronger negotiating position for producers by providing them with verifiable details of how much their coffee is worth and all stages of the supply chain
• It provides an online secure framework for sharing ledgers and transactions, enhancing record keeping veracity while saving time and this technology can be leveraged to create automatic digital payments in conjunction with the trade.
• A digital ID that follows a physical product
• Smart Contracts commit all actors directly and in real time
• Glass pipeline substantiates quality standards and certifications
• Source of record accessible to all parties
It was a privilege to be part of this launch. I wish more success to the Coffee Board in coming days.
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