Traders, distributors, and manufacturers of food commodities in the UAE will soon have direct access to India's farmers, as the Dubai Multi Commodities Centre is collaborating with a tech firm to launch a blockchain platform that will connect these groups.
Further details from the report published on August 31st revealed that UAE food industry stakeholders would be accessing supplies from India directly through a new blockchain application called Agriota E-Marketplace. This development will increase transparency and speed in connecting with India farmers and improve food export quality to the UAE, as traders/manufacturers can now trace the source of these food commodities.
This platform will also help the farmers in India to receive increased revenue from their produce, as they will be able to communicate directly with manufacturers. According to data from India's agricultural and food export agency, the country already exports at least $1 billion worth of cereal, seeds, fruits, vegetables, spices, and condiments to the UAE.
The Indian Ambassador to the UAE also noted that the host country had created a robust plan to ensure abundant food supply all year round. This vision has prompted the officials not to spare any expense in deploying technologies that guarantee unfettered access to raw materials and agric products.
Agriota was by developed CropData Technology, with the support of the Dubai Multi Commodities Centre. Apart from facilitating easy access between farmers in India and food manufacturers/distributors in the UAE, the platform will also reduce fraud incidence through a unique escrow system.
Source: Cointelegraph
