Agriota E-Marketplace has announced that it will give farmers in India more access to the United Arab Emirates (UAE’s) multi-billion dollar food industry, as it has a blockchain-based supply chain to obtain agricultural products directly from India.
It has been reported that UAE will be using Agriota E-Marketplace, a new platform that employs blockchain technology to bridge the gap between farmers in India and the nation’s food industry.
However, Agriota provides transparency by verifying the food supply chain from Indian farms to food processing companies, traders, and wholesalers in the UAE.
It has been analyzed that the platform will allow Indian farmers to connect directly with food industry firms in the UAE to offer cereal, seeds, fruits, vegetables, spices, and condiments.
According to data from the country’s Agricultural and Processed Food Products Export Development Authority, India exported more than $1 billion of food products to the UAE in 2019.
Pavan Kapoor, the Indian Ambassador to the UAE, said:
“The UAE has a comprehensive plan in place to ensure food security and champion agribusiness trade facilitation, with the ultimate goal of positioning our nation as a world leading hub in innovation-driven food security.”
Likewise, backed by the Dubai Multi Commodities Centre (DMCC) and developed with Indian company CropData Technology, Agriota will also offer secure transactions through a multi-tier escrow structure.
The DMCC was formed in 2002 by the government of Dubai to provide financial infrastructure and stimulate interest in the global commodities trade.
Thus, a number of blockchain firms are working with the agriculture industry to increase efficiency and help farmers earn better revenue.