Victor Ugochukwu · Dec 14, 2020 . 5min read
Dubai’s DMCC Launches Agriota E-Marketplace to Boost Relations Between India and UAE
DMCC intends to bridge the gap between India and UAE with Blockchain Platform Agriota in association with CropData technology firm.
By Komal Joshi · Sep 4, 2020 . 7min read
Dubai Multi Commodities Centre (DMCC), establishes a blockchain-based agri-commodity trading and sourcing platform in association with Indian firm CropData named Agriota E-Marketplace. It intends to join millions of Indian rural farmers with the UAE food sector. DMCC, a Dubai government authority, administers a free trade zone. However, CropData Technology is an Indian company committed to connecting Indian farmers to fair markets and essential services.
Agriota enables Indian farmers to instantly connect with actors in the UAE’s food industry, like food processing companies, traders, and wholesalers. This decreases the role of intermediaries, making the supply chain and traceability efforts more effective. As a consequence, they will circumvent intermediaries enabling them to maximize their income. However, other services involve accounting, contract, and regulatory compliance services.
The launch focuses on how the Agriota platform will positively impact the UAE’s food security, and the way it aims to boost India’s trade ties. Blockchain powers Agriota’s complete smart contract trading system. It claims to adhere to neutrality, traceability, and trust principles. Additionally, by leveraging blockchain technology, DMCC will enhance the UAE’s food supply chain. Moreover, it will provide products like condiments, spices, fruits, vegetables, oilseeds, pulses, and cereals.
Ahmed Bin Sulayem, DMCC’s CEO, noted: “The UAE has a comprehensive plan in place to ensure food security and champion agribusiness trade facilitation, with the ultimate goal of positioning our nation as a world-leading hub in innovation-driven food security. The launch of an innovative model like Agriota will inch the UAE closer to the Global Food Security Index.”
Advantages of Blockchain in Agribusiness
Pavan Kapoor, India’s ambassador to the UAE, initiated the launch of the blockchain platform. He viewed it as a great pportunity to improve UAE’s food security and drive trade ties between them. Moreover, the Agriota system will offer end-to-end transparency and traceability for last-mile verification and extension infrastructure. Additionally, it secures transactions through a proprietary banking network with a multi-tier escrow structure.
India realizes the advantages of blockchain for agribusiness. Thus, the Coffee Board of India started its blockchain-based coffee trading marketplace last year, targeting rural farmers. Additionally, it appears the United States Department of Agriculture – USDA sees a massive opportunity in adopting blockchain to boost the agriculture industry’s supply chain. Judging by a publication circulated in the Federal Register, Agriculture Marketing Service – AMS, appears to be the USDA section spearheading this move.
Conclusively, DMCC regards blockchain as a game-changer in the global commodities market by thrusting food security. Additionally, the US government also observes this cutting-edge technology to the avenue to a food safety culture.
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