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Blockchain-enabled marketplace app for coffee
Why is it in the news
- The commerce ministry launched a blockchain-based coffee e-marketplace.
- It will help farmers integrate with markets so that they can realise fair prices for the commodity.
More in the news
- The pilot project has about 20 participants, including 14 coffee growers, and will run for four-to-six months.
- The blockchain will reduce the number of layers between coffee growers and buyers and help farmers double their income.
- It said that India is the only country in the world where entire coffee is grown under shade, handpicked and sun dried.
- Indian coffee is highly valued in the world market and sold as premium coffees.
- The blockchain-based marketplace app is intended to bring in transparency in coffee trade.
- Blockchain Technology:(1) The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.(2) Originally devised for the digital currency, Bitcoin, the tech community is now finding other potential uses for the technology.(3) A block is the ‘current’ part of a blockchain, which records some or all of the recent transactions.(4) Once completed, a block goes into the blockchain as a permanent database. Each time a block gets completed, a new one is generated.(5) There is a countless number of such blocks in the blockchain, connected to each other (like links in a chain) in proper linear, chronological order.
Source
The Hindu.