Spices Board India under the Ministry of Commerce and Industry and UNDP India’s Accelerator Lab today signed a MoU with the aim to build a blockchain based traceability interface for Indian spices to enhance transparency in supply chain and trade. Blockchain is a decentralized process of recording transactions on an open and shared electronic ledger. This allows for ease and transparency in data management across a complex network, including, farmers, brokers, distributors, processors, retailers, regulators, and consumers, thus simplifying the supply chain.
UNDP and Spices Board India are working towards integrating the Blockchain Traceability Interface with the e-Spice Bazaar portal developed by Spices Board India for connecting spices farmers with markets.