India’s largest farm organizations (FPO), Sahyadri Farmers Producer Co, is integrating blockchain technology into its production and business processes.
FPOs are member-based institutions of farmers that are the result of a government-led initiative. The organizations help farmers sell agricultural produce at the most advantageous prices.
Local news outlet The Hindu Business Line reported that Sahyadri will use blockchain technology for its supply chains to increase efficiency and transparency in the traceability of food produce.
Better Deals And Opportunities For Both Parties
The founder of Sahyadri, Vivek Shinde, said that in the present scenario, farmers only get 25% of final price of sold goods. However, with increased efficiency through blockchain implementation, they can share as much as 50% of their revenue with farmers.
The organization expects to use blockchain-based data sharing to improve trust in its pricing and sales information that it shares with farmers and buyers.
Blockchain integration will further allow customers to trace products back to the individual farmer who produced it. Customers will be able to do so using QR codes or digital maps attached to the products.