The Indian agriculture industry can boost up to great heights with the help of the enormous potential that Blockchain possesses. To increase the efficiency of farmers, and to trigger higher earning for them various initiatives are being visible via blockchain-based solution providers like Sahyadri FPO, Agri10x with an ultimate focus on strengthening the agriculture industry in a nutshell.
In a recent update, the United Arab Emirates (UAE) in a progressive and supportive stance announces a bleeding tech-based E-Marketplace platform named Agriota to bridge a major gap between Indian framers and UAE’s food industry. The initiative is aiming towards providing a sustainable and efficient solution to agri-commodity, trading, and sourcing via a robust supply chain process.
The Dubai Multi Commodities Centre (DMCC) is launching the platform that is invented by Indian blockchain firm CropData Technology. CropData Technology is one of the largest blockchain AgEcosystems empowering millions of farmers, flaunted on the website.
The backing from the government of Dubai’s authority on commodities trade and enterprise, and Dubai’s free-zone Dubai Multi Commodities Centre (DMCC) would certainly be serving an edge to the E-Marketplace because Agriota would be able to directly connect millions of distant farmers from India to food processing companies, traders, and wholesalers of the UAE market with various essential services like fruits, vegetables, condiments, spices, seeds, and cereal.
As per the data by Indian government unit APEDA (The Agricultural and Processed Food Products Export Development Authority), over $1 billion of food products exported to the UAE markets in 2019.
India exported over $38 billions of food products globally and out of which $1 billion of agricultural and processed food products to the UAE in 2019.
According to DMCC CEO Ahmed Bin Sulayem, “Agriota will benefit millions of farmers throughout India whilst simultaneously providing greater food security for the UAE,” an online local publication cited.
Key Highlights of blockchain-based Agriota E-Marketplace by UAE
- Agriota was launched on Aug 26, 2020, by the government of Dubai’s authority on commodities trade and enterprise and Dubai’s free-zone Dubai Multi Commodities Centre (DMCC).
- Agriota is an agri-commodity trading and sourcing e-market platform to provide the structure in the food and supply chain activities and to limit the gap between Indian Farmlands and the UAE food industry.
- The E-Marketplace is deploying blockchain technology to ease out the operations in the supply chain while ensuring traceability to build value for all stakeholders. Essentially, the technology-driven E-Marketplace removing the intermediaries.
- Also, the inclusion of a proprietary banking system and multi-tier escrow arrangement in the platform would facilitate fast, secure, permissionless transactions of funds.
Earlier in 2019, the United Arab Emirates, Securities and Commodities Authority (SCA) drafted a steadfast approach towards regulating cryptocurrencies/digital assets/crypto assets in the country. The draft regulations document vowed to provide greater clarity on crypto-focused projects in the Middle East nation. In the document, the SCA is seeking the opinion of partners in the financial industry including investors, brokers, financial analysts, researchers, media professionals, interested parties, are among others.
Also, in Jan 219, the United Arab Emirates Central Bank (UAECB) and the Saudi Arabian Monetary Authority (SAMA) together announced the working on a common digital currency project called ‘Aber’ with the viable deployment of blockchain tech and distributed ledger technology.
KoinPost reported last year, the possible adoption of cryptocurrency and global centralized entities support towards digital money revolution.