Spices Board India under Ministry of Commerce and Industry and the United Nations Development Programme (UNDP) India’s Accelerator Lab have signed a Memorandum of Understanding (MoU), with the aim to build a blockchain based traceability interface for Indian spices to enhance transparency in supply chain and trade.
Daily Current Affairs Quiz 2021
The project will be piloted with over 3,000 farmers engaged in chilli and turmeric farming in select Districts of Andhra Pradesh.
Blockchain is a decentralized process of recording transactions on an open and shared electronic ledger. This allows for ease and transparency in data management across a complex network, including, farmers, brokers, distributors, retailers and consumers, thus simplifying the supply chain.
