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Blockchain Technology to Become the Backbone of Farm Supply Chain

  • India is the second largest producer of fruits and vegetables in the world, right after China

  • Blockchain technology creates an immutable ledger of information that can be used to store information in a decentralized fashion

  • Niti Ayog is working with Himachal Pradesh to use blockchain technology in monitoring the production and supply chain of the apples being produced in the state

02-Jan-2023 By: Sudeep Saxena
Blockchain Technolog

Niti Ayog’s latest collaboration with Himachal Pradesh is going to 

Introduce blockchain technology in monitoring the entire production and supply chain to ensure the quality and quantity of the apples being produced in the state.

Effective monitoring will not only reduce the wastage of the product but will increase its traceability for strategizing the exports.  

India is the second largest producer of fruits and vegetables in the world, right after China. However, our total share in the farm produce exports is only 1% which is too small for an economy that is dominated by the farming industry. This gap in production and export is due to a lack of any effective mechanism to push fruits and vegetables to international markets.

Why Blockchain is Being Used in Supply Chains

Blockchain technology creates an immutable ledger of information that can be used to store information in a decentralized fashion. Maintaining the records and transacting data without any third-party involved is crucial for supply chains, especially those that require an immediate response from the decision-makers. 

Blockchain technology can also enable the use of RFID tags for individual identification of lots and their live tracking in cold chains. Blockchain technology can automate ownership verification and its transfer without any manual intervention. 

Adoption with Resistance: The Call For Regulation

Indian government’s positive take on blockchain adoption is visible in its different decisions. From blockchain degrees to the launch of CBDCs, the government of India is willing to adopt new-age tech for the development of decentralized operations. Now Niti Ayog is collaborating with the Himachal Pradesh government to maintain the quality and increase the total exports from the state. 

This indicates the importance of blockchain tech in the coming future, however, a lack of proper regulation on the use of cryptocurrency is becoming a hurdle in blockchain innovation in the country. This is high time that the government works toward regulating cryptocurrencies and reducing a whooping tax bar of 30% to a feasible number. 

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