One of India’s largest farm producer organizations (FPO), Sahyadri Farmers Producer Co, is setting up blockchain-based supply chains to help farmers get as much as 50 percent shares from their produce. Using blockchain-based supply chains for farmers will hopefully increase efficiency and transparency in the traceability of food products.
Farm Producer Organizations are member-based institutions of farmers that are the result of a government-led initiative. These firms help farmers sell agricultural produce at the most favorable and convenient prices.
Blockchain-based supply chains for traceability
The Hindu Business Line, a local news outlet announced that Sahyadri will use it for its supply chains to increase effectiveness and clarity in the traceability of food products.
A large number of blockchain companies are now working in the agricultural industry to increase effectiveness and help farmers pocket better income. In May, a blockchain-based Agtech startup engaged a deal with the Indian government to initiate a peer-to-peer marketplace for farmers and buyers. In March, Agriledger built a blockchain ecosystem to ensure that farmers in Haiti receive adequate pay.
QR Codes attached to farm products
Vivek Shinde, the initiator of Sahyadri, said that in the current scenario, farmers get only 25 percent of the final price of goods sold. Nevertheless, with increased coherence through blockchain execution, they can share up to a total of 50 percent of their income with farmers.
The organization looks forward to using blockchain-based data sharing to boost trust in its pricing and sales statistics that is shared among the farmers and buyers.
Blockchain incorporation will further make it possible for the customers to trace products back to the individual farmer who had produced it. Customers will be able to trace the product by the use of QR codes or digital maps attached to the products.