Sahyadri Farmers Producer Co – a major farm producer organization (FPO) from India – is reportedly planning to finalize the integration of blockchain into its existing system.
Specifically, Sahyadri will reportedly employ blockchain as a solution to make its supply chains more efficient and transparent, regarding the traceability of food products.
Vivek Shinde – founder of Sahyadri – reportedly revealed that in the current situation, farmers are only given a quarter (25%) of total final value of sold merchandise.
However, with the efficiency blockchain can offer, the abovementioned figure would reportedly be able to climb up to 50% of their revenue with farmers.
The organization reportedly looks to utilize blockchain for information sharing, as a means for enhancing trust in its pricing and sales data, which are shared with farmers and buyers.
Blockchain integration will reportedly also offer product tracing features back to the individual farmer produced, via scannable QR codes or digital maps that come with the product.
The number of blockchain firms operating in the agriculture sector for enhancing efficiency and supporting farmers in earning increased revenue is reportedly experiencing a surge. In May this year, a blockchain-powered agtech startup reportedly entered a partnership with the Indian authorities to establish a P2P marketplace for farmers and buyers.