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What is the News?
Spices Board India and UNDPs India’s Accelerator Lab signed a Memorandum of Understanding(MoU). The MoU aims to build a blockchain-based traceability interface for Indian spices. It will enhance transparency in the supply chain and trade.
About blockchain-based traceability interface:
- Blockchain-based traceability interface will be integrated with the e-Spice Bazaar portal. The portal was developed by Spices Board India for connecting spices farmers with markets.
- Significance:
- It will bring ease and transparency in data management across a complex network. This network includes farmers, distributors, processors, retailers, regulators, and consumers thus simplifying the supply chain.
- It will also allow farmers and other stakeholders to access the information. This makes the entire supply chain more efficient and equitable.
What is Blockchain Technology?
- A blockchain is a distributed ledger of information. It replicates across various nodes on a “peer-to-peer” network (P2P Network).
- The data exists on multiple computers at the same time. It constantly grows as new sets of recordings or blocks add to it in a decentralization manner.
- All transactions on a standard Blockchain are verified and signed with cryptography. It is to ensure security and anonymity.
- Cryptography: It is the process of converting ordinary plain text into unintelligible text and vice-versa.
- The intended person can encrypt the coded message and use them.
- The ledger can record many transactions such as monetary transactions, property transfer, and even ballot storage.
About Spices Board India:
- Spices Board is one of the five Commodity Boards functioning under the Ministry of Commerce & Industry.
- Purpose: It is an autonomous body responsible for the export promotion of the 52 scheduled spices and development of Cardamom (Small & Large).
- Functions: The main functions of the Spices Board are,
- Research, Development, and Regulation of domestic marketing of Small & Large Cardamom;
- Post-harvest improvement of all spices;
- Export promotion of all spices. Further, it will assist the exporters in technology up-gradation, quality management, brand promotion, research & product development;
- Development of spices in the North East;
- Regulation of quality of spices for exports through its quality evaluation services; etc.
About UNDP Accelerator Lab:
- Accelerator Lab is an innovative initiative by the UNDP, Qatar Government and the Federal Republic of Germany. It aims to find 21st-century solutions to today’s complex new challenges.
- Purpose: These labs seek to identify grassroots solutions together with local actors. Further, they will validate their potential to accelerate further developments.
- UNDP Accelerator Lab in India has been launched by UNDP in collaboration with Atal Innovation Mission.
Source: PIB
