Agrochain, is a marketplace based on blockchain technology which helps farmers and consumers and is based on cooperative contractual farming. This is a breakthrough idea which will revolutionise the old traditional methods in the agricultural sector in India.
It is developed by students from the Indian Institute of Information Technology and Management Kerala (IIITM-K). It is mentored by a faculty member,Asharaf S.
Agrochain with its unique approach for the agricultural industry won the NITI Aayog price at the international blockchain hackathon organised at IIT-Delhi by NITI Aayog and Harvard based startup Proffer.
What is Agrochain?
Agrochain will help unproductive lands to be purchased by interested parties and people. For example an idle land as far away as in Solapur, Maharashtra can be bought in units from the digital technology represented by Agrochain.
The farmers need to only input details such as potential crops and expected yield on a distributed public ledger. The consumers as result can view the cultivation and supply. This will help in the decision making process of a consumer buying a plot of land, as credibility of the land is the primary importance.
The government is involved in this process by elaborating on subsidies of the crop that will be able to grow. This will help the future buyer of the land; evaluate the profitability of the land.
Is Agrochain credible enough?
With blockchain technology, the system of ratings in introduced. This will benefit both the farmers and consumers in terms of tracking previous experiences documented on the marketplace.
In conclusion, it can be seen that Agrochain will help Indiachain which is the Centres farming blockchain initiative. Agrochain will be the add on needed for Indiachain to further increase the revolutionary agriculture sector of India.