Bangalore-based Eka Software Solutions, along with Coffee Board of India, has launched blockchain based coffee e-marketplace, which was launched by India’s Commerce Secretary, Dr Anup Wadhawan, through a video conference.
Touted as the first blockchain enabled private market place for coffee in the world, the e-marketplace launched is an app for the trading of Indian coffees and intended to bring in transparency in the trade of Indian coffee, maintain the traceability of Indian coffee from bean to cup so as the consumer tastes real Indian coffee and the grower is paid fairly for his coffee produced.
While bringing in transparency in to the price discovery process for farmers’ harvest, the e-marketplace connects coffee growers and buyers using the power of Ethereum smart contracts and at the same time allows coffee growers to focus on their plantations and maximize production. Ethereum is an open-source, public, blockchain-based distributed computing platform.
The use of Ethereum smart contracts enables EKA and the Coffee Board to design the nuances of the smart contract. The contract is immutable and captures counter party information, quality, quantity and ratings. The current smart contract has been made future ready to also include digital certificates and payment gateways in the next phase. This ensures that the project is agile enough to accommodate any future changes and technologies in graduation, without excessive time and resource efforts.
The marketplace connects stakeholder like coffee farmers, traders, coffee curers, exporters, roasters, importers and retailers and allow all of them to register on the platform to make trade transactions. A group of 15-20 coffee farmers, exporters, roasters, importers and retailers are already registered on the platform from India and abroad.
The coffee farmer registers credentials like a place where coffee is grown, details of the crop, elevation, certificates if any and any relevant information. A block is created for each of the lots the farmer sells on the Blockchain. The credentials of the block/ lot will be stored on the Blockchain throughout its journey and are immutable.
With this, India has joined Ethiopia and France as one of the few countries that have brought in groundbreaking innovation in the world of coffee, said Eka in a blog post announcement.
Founded in 2004 by Manav Garg, Eka Software Solutions develops commodity management software, providing predictive analytics to meet the challenges of complex markets.
The company has raised a total of $16 million in funding from Venture Investors including Nexus Venture Partners and Silver Lake Partners.
Via ~ Devdiscourse