Food industry managers in the United Arab Emirates may soon be able to use a blockchain-based supply chain to obtain agricultural products directly from India.
According to an Aug. 31 report, officials in the United Arab Emirates (UAE) will be using Agriota E-Marketplace, a new platform that employs blockchain technology to bridge the gap between Indian growers and the nation’s food industry.
Agriota reportedly provides transparency by verifying the food supply chain from Indian farms to food processing companies, traders and wholesalers in the UAE. Essentially, the platform will allow Indian farmers to connect directly with food industry firms in the UAE.
India exported more than $1 billion of food products to the UAE in 2019, according to data from the country’s Agricultural and Processed Food Products Export Development Authority.
Backed by the Dubai Multi Commodities Centre (DMCC) and developed with Indian company CropData Technology, Agriota will also reportedly offer secure transactions through a multi-tier escrow structure. The DMCC was formed in 2002 by the government of Dubai to provide financial infrastructure and stimulate interest in the global commodities trade.