Government launches blockchain-based marketplace for coffee trading

Representative image

The Commerce Ministry on March 28 launched a blockchain-based coffee e-marketplace through video conferencing in New Delhi.

The app was inaugurated by Commerce Secretary Anup Wadhawan and activated simultaneously by Jose Dauster Sette, Executive Director, International Coffee Organisation, from Nairobi.

"This pilot project will help integrate the farmers with markets in a transparent manner and lead to realisation of fair price for the coffee producer," said Wadhawan.

The blockchain technology is also expected to reduce the number of layers between coffee growers and buyers and help farmers double their income.

The app-based market place is expected to bring transparency in trade, maintain the traceability of coffee from bean to cup, and allow the grower a fair share for his produce.

Coffee Board is collaborating with Eka Plus for this initiative.

Stakeholders like coffee farmers, traders, coffee curers, exporters, rosters, importers and retailers register on the platform to make trade transactions. The coffee farmer registers credentials like place where coffee is grown, details of the crop, elevation, certificates if any and any relevant information.

A block is created for each of the lot the farmer sells on the blockchain. The credentials of the block/ lot would be stored on the blockchain throughout its journey and are immutable.