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Spices Board India- Use of Blockchain Technology

Spices Board India- Use of Blockchain Technology

CONTEXT:

  • UNDP India and Spices Board India inked MoU for blockchain-powered traceability interface for Indian spices to enhance transparency in trading.

                                      SPICES BOARD (@Spices_Board) | Twitter

KEY DETAILS:

  • Japan SDGs Innovation Challenge: UNDP India has independently secured support from The Cabinet Office of Japan for this initiative under the Japan SDGs Innovation Challenge

  • Connecting Spices farmers with markets: With this MoU, UNDP and Spices Board India are working towards integrating the Blockchain Traceability Interface with e-Spice Bazaar portal for connecting spices farmers with markets.

    • e-Spice Bazaar portal is developed by Spices Board India

SIGNIFICANCE:

  • This allows for ease and transparency in data management across a complex network, including

    • Farmers,

    • Brokers,

    • Distributors,

    • Processors,

    • Retailers,

    • Regulators, and

    • Consumers

  • Thus, it will be simplifying the supply chain.

  • Quality assurance: This blockchain powered platform for Indian spices will enhance the quality assurance of agricultural export commodities.

  • Efficient and equitable supply chain: It will also allow farmers and all other members of the supply chain to access the information, which further makes the entire supply chain more efficient and equitable.

  • Increase Income: It will help connect these farmers with international markets and add to their income.

United Nations Development Programme (UNDP):

  • UNDP provides expert advice, training, and grant support to developing countries, with increasing emphasis on assistance to the least developed countries.

  • Founded in: 1965  

  • HQ: New York, USA

  • Funding: Funded entirely by voluntary contributions from member nations.

  • SDGs: UNDP is central to the United Nations Sustainable Development Group.

  • The UNDP Administrator is the third highest-ranking official of the United Nations after the

    • United Nations Secretary-General and

    • Deputy Secretary-General.

  • UNDP offers to help only if nations request it to do so

Spices Board India

  • The Spices Board is the Indian government regulatory and export promotion agency for Indian spices.

  • Ministry: under the Ministry of Commerce and Industry.

  • The board is headquartered in Kochi. 

  • Spices Board was constituted in 1987 under Spices Board Act 1986.

SOURCE: Financial Express