Agritech startup Agri10x partners with the Indian government to connect small-scale farmers to global buyers through blockchain while cutting out the middleman.
On May 12 Business Standard reported that Agri10x partners with the Indian government to help remote farmers sell their produce on the market in a bid to generate fairer value.
Agri10x partners with govt to help farmers directly sell their produce in market – Outlook India https://t.co/P28VEPKRYd #futureofag #agriculture #technology — Future of Ag (@FutureOfAg) May 13, 2020
CEO of Agri10x Pankajj Ghode says:
“Indian farmers have been the unsung heroes of the Indian economy and we wanted to ensure that they get easy access to a global marketplace to sell their produce directly, without any middlemen”
The partnership provides Agri10x access to the government’s national common service centres (CSCs). This would enable rural and remote farming communities to register on the company’s blockchain platform.
Usually, farmers engage with middlemen to sell their produce, who then find an appropriate buyer for the farmer in a particular market.
Agri10x hopes its business model will help smaller farmers connect to more buyers without losing their profits in the process of middlemen. Moreover, farmers would receive timely payment in full through the use of smart contracts, as third parties causing delays in the process would be eliminated.
In a previous blogpost, the company stated that blockchain technology can also assist in collecting real-time data to manage harvests effectively.
Agri10x CTO Sundeep Bose says the platform would help farmers better understand the fair value of their crops and get an equitable price of their produce directly, from both local and global buyers.