UNDP India’s Accelerator Lab on Monday said it has signed an agreement with the Spices Board India to build a blockchain-based traceability interface for Indian spices to enhance transparency in trading. Under this Memorandum of Understanding, UNDP and Spices Board India are working towards integrating the Blockchain Traceability Interface with e-Spice Bazaar portal developed by Spices Board India for connecting spices farmers with markets, according to a statement.
The design of the blockchain interface is expected to be completed by May 2021, and the project will be piloted with over 3,000 farmers engaged in chilli farming in Guntur, Andhra Pradesh, it stated.
UNDP India has independently secured support from The Cabinet Office of Japan for this initiative under the Japan SDGs Innovation Challenge, the statement said.
Blockchain is a decentralised process of recording transactions on an open and shared electronic ledger.
