Officials in the United Arab Emirates (UAE) will be using Agriota E-Marketplace, a platform that employs blockchain technology to bridge the gap between farmers in India and the UAE’s food industry. The blockchain platform Agriota reportedly provides transparency by verifying the food supply chain from Indian farms to food processing companies, traders, and wholesalers in the UAE. It will allow Indian farmers to connect directly with food industry firms in the UAE to offer cereal, seeds, fruits, vegetables, spices, and condiments.
India exported more than $1 billion of food products to the UAE in 2019.
According to data from the country’s Agricultural and Processed Food Products Export Development Authority, India exported more than $1 billion of food products to the UAE in 2019. Pavan Kapoor, the Indian Ambassador to the UAE, said that the UAE has a comprehensive plan in place to ensure food security and champion agribusiness trade facilitation, with the ultimate goal of positioning India as a world-leading hub in innovation-driven food security. Agriota is backed by the Dubai Multi Commodities Centre (DMCC) and developed with Indian company CropData Technology. The blockchain platform will also offer secure transactions through a multi-tier escrow structure. Several blockchain firms are working with the agriculture industry to increase efficiency and help farmers earn better revenue across countries.
Authorities take a serious look at blockchain amid the pandemic.
Blockchain adoption has significantly increased amid the ongoing global pandemic. As reported earlier, the Ministry of Information Technologies and Communications of Colombia (MinTIC) urged the country to adopt blockchain technology. Authorities across countries are exploring the idea of blockchain technology and its use in different sectors. Estonia, China, United Arab Emirates, the US, and Canada are some of the countries that are exploring blockchain tech, reported Sahil Kohli. The Indian state of Telangana is looking into the potential of blockchain tech for upcoming elections.