Commerce ministry launches blockchain-based coffee emarketplace

#The Coffee Board has launched the pilot of the country’s first blockchain-based marketplace app called Coffee Blockchain

#It will be used for trading in Indian coffee, aimed at getting growers better returns by removing myriad middlemen

Its Relevance

#The launch of e-marketplace is aimed at reducing growers’ dependency on intermediaries, bring in trust and efficiency in the chain, help farmers with market access, and ensure traceability

#The blockchain platform will allow a coffee producer to directly transact with multiple buyers

#The blockchain-based solution was developed in coordination with Eka Software Solutions

Blockchain Technology

#It is a distributed digital ledger technology (DLT) , that is a growing list of records, called blocks, which are linked using cryptography

#Apart from its various uses in cryptocurrencies, it is also being used by manufacturing companies to improve their supply chains, by healthcare and electricity companies and by the financial sector to make transactions more transparent

About Coffee Board

#Government of India established the ‘Coffee Board’ through a constitutional act “Coffee Act VII of 1942” under the administrative control of Ministry of Commerce and Industry

#The Board comprises 33 members including the Chairman and the Secretary & Chief Executive Officer

#The remaining 31 members represent the various interests such as coffee growing industry, coffee trade interests, curing establishments, interests of labour and consumers, representatives of governments of the principal coffee growing states, and Members of Parliament

#Coffee Board serves as the friend, philosopher and guide to the Coffee sector covering the entire value chain