The government of India has partnered up with a blockchain startup to help increase their earning by eliminating the middleman.
As it was announced on Tuesday, the tech startup firm Acri10x will partner with the Indian government to stimulate farmers across the country. The idea is to build a better connection between small-scale growers, their businesses, and markets.
This way, remote farmers in the country will be able to sell their products faster and with greater profit.
Agri10x is an artificial intelligence and blockchain-enabled agricultural global e-marketplace. As reported, the new partnership will give exclusive access to the government’s 5 lakh common service centers (CSCs) across India. This way, village-level entrepreneurs will be able to help farmers register on the company’s platform and assist them in selling their products directly.
The result is that some of the middlemen will be cut off from the production’s route between the farmlands and the market, giving it easier access even to global buyers. Thus, farming communities would receive a fairer payout for their output and might also boost the agriculture industry in general.
As announced, Agri10x CTO Sundeep Bose emphasized that the platform and new agreement with the government in India will help farmers understand the true value of their products. The blockchain company has plans for expanding the service and adding 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. It can trackback the true origin of a given product, which can be labeled whether it is organic or a regular trade, thus this will bring even higher consumer trust in products on the local and global markets. It might also assist in collecting real-time data on the variety of farming processes like harvesting, for example.
It’s worth noting that the country appears to be taking a rather exciting approach towards blockchain and cryptocurrencies. Not so long ago, India’s central bank issued a blanket ban on cryptocurrencies, which was later lifted. However, even though the bank appears to be fighting it, the country’s government is obviously positively oriented towards blockchain.