The platform will enable the redistribution of value chain gains to farmers
Samunnati recently launched an integrated Blockchain, AI and ML platform centered around the FPOs and farmer members. The platform will enable the redistribution of value chain gains to farmers. The blockchain is co-powered by the University of Hyderabad, Samunnati, Synchrony, and Social Education Economical Development Society.
Anil Kumar SG, Founder and CEO, Samunnati, opened the virtual event with a welcome speech. He explained how the information asymmetry in the value chain is not on account of lack of data but rather from the end of the institutions not having the capability to understand the information that is already available.
The keynote address was provided by Dr GR Chintala, Chairman, National Bank for Agriculture and Rural Development (NABARD). Dr Chintala said “The BlockChain technology is going to be a game-changer and it integrates the input suppliers, the farmers, pesticide and fertiliser suppliers, the credit suppliers, insurance and logistics, equipment hirers, the processors, warehouse managers and so many more. Everybody in the supply chain can log into the platform and gain benefits from the initiative. The FPO need not go anywhere, the data is available on the platform, which makes it very easy for them to submit all the returns.”
Professor Vijay Marisetty from the University of Hyderabad and the co-founder of Inclusive Growth Chain launched the blockchain at the event. Blockchain platform would bring transparency, reliability by reducing the risk of bias and corruption between Agricultural intermediaries. It is a one-stop solution for a farmer looking for easy and faster financial support with minimal/no paperwork, from the comfort of one’s own home.
Through blockchain technology, the transparency for all involved stakeholders improves, and it also facilitates the collection of reliable data. From the beginning till the end of the product’s life, blockchain can record every step in a product’s value chain. The reliable data of the farming process is essential for developing data-driven facilities for making farming more efficient and less vulnerable. From the beginning till the end of the product’s life, blockchain can record every step in a product’s value chain.
The blockchain will connect farmers with vendors, food processors, and packaging firms, allowing buyers and sellers to interact without an intermediary in a secure and trusted environment. It will also eliminate the requirement for intermediaries to be paid out of farmers’ margins, thereby increasing their profit portion. Besides, it will improve asset traceability, accurate data on farmers’ input requirements to input suppliers, and inventory data to output providers.
Pravesh Sharma, Director, Samunnati Agro, closed the event with the message that the technologies like blockchain will help structure various financial services products which can bring a lot of comprehensiveness to engage with the FPOs.
