MoU between Spices Board and UNDP:
A memorandum of understanding was signed by Spices Board India and UNDP India Accelerator Laboratory to establish a blockchain-based traceability interface for Indian spices.
Highlights:
♦ The MOU aims to create a blockchain-based traceability interface for Indian spices in order to increase supply chain and trade transparency.
♦ A decentralised mechanism for documenting transactions on a transparent and shared electronic ledger is known as blockchain.
♦ This simplifies the supply chain by making data processing simple and transparent across diverse networks (including producers, brokers, dealers, processors, retailers, regulators, and consumers).
♦ It will give farmers the same access to knowledge as the rest of the supply chain, making the whole system more productive and equal.
♦ The Spices Board of India is collaborating with the United Nations Development Programme to incorporate the blockchain traceability interface with the Spices Board of India`s e-Spice Bazaar portal, which connects spice growers to the market.
♦ The project will be piloted among more than 3,000 farmers engaged in pepper and turmeric planting in parts of Andhra Pradesh.
♦ Consumer confidence is expected to rise as a result of the traceability interface, which is expected to encourage the purchasing of value-added and used fragrances for export and domestic use.