According to the Nation Thailand report, the Trade Policy and Strategy Office announced that they would use blockchain technology to trace agricultural products. The project will start with organic rice in order to build confidence among buyers.
Project to start in the mid next year
The TPSO’s director-general Pimchanok Vonkorpon informed that the project will start as soon as their department receives the operating budget for fiscal 2020. TPSO also plans to accelerate discussions with blockchain experts, related authorities, and financial institutions to speed up the development of the blockchain system.
5,000 farmers to participate in this project
Pimchanok Vonkorpon said that they have already talked to 5,000 growers from Surin province that will participate in this project. She further added that they expect that the project will start in the middle of the next year, and if successful, it will be extended to other agricultural products.
Blockchain technology is being widely adopted in different countries for various uses. What is blockchain technology? It basically is a decentralized and distributed public register which makes things transparent between users. This technology is being widely adopted in the logistics industry as well. Earlier, Finance department of Thailand announced to use the blockchain technology. The department aims to reduce frauds related to Value added tax and refunds.