The Artificial Intelligence & Machine learning enabled blockchain platform developed by University of Hyderabad team, centred around FPOs and Farmer members would enable the redistribution of value chain gains to farmers
The University of Hyderabad (UoH) in partnership with Samunnati has announced its support for the Integrated Agri Blockchain platform. Synchrony IT has supported the project from their CSR funds. Social Education Economical Development Society (SEEDS), with its consortium of FPOs has partnered as the farmers network in this project.
The aim of this Integrated Agri Blockchain, which is centered around the FPOs and farmer members, is to leverage the power of AI and ML based technologies to connect farmers with vendors, food processors, and packaging firms, allowing buyers and sellers to interact without an intermediary in a secure and trusted environment. Prof. Vijay Marisetty and Prof. Varsha Mamidi from the School of Management Studies at UoH are the co-founders of this project titled: Inclusive Growth Chain.
Speaking on the launch of this platform, Anil Kumar SG, Founder and CEO, Samunnati, said, “Being a part of such an integrated block chain technology is a new but a very important step for Samunnati in its vision to make markets work for the smallholder farmers. Through our partnership with the University of Hyderabad, SEEDS and Synchrony we are trying to push the technological boundaries and level the information asymmetry in the agri value chain by directing the players and institutions in the agri ecosystem to a single platform so that they can avail and understand the data and information that is already available by making it easily accessible on a common platform.”
Prof. Vijay Marisetty says, “A farmer centric value chain platform that on boards all agri ecosystem players to engage with marginalized small holder farmers for increased their wealth share is the core objective of our Blockchain platform called Inclusive Growth Chain. I am glad that we finally deployed it at SEEDS FPO in Tamilnadu, which serves more than 30,000 marginalized farmers. We are now looking forward to focusing on a complete enterprise version that can reach all FPOs in India. Through Blockchain technology we aim to democratize agri ecosystem in India”
The blockchain project aims to bring the entire agri ecosystem, from farmers to financing experts to a single platform, thereby simplifying the exchange of information by reducing the level of information asymmetry and easing the manner of transaction. This platform will increase the transparency for all the stakeholders involved and facilitate the collection of reliable data by recording every step in a product’s value chain. The reliable data of the farming process is essential to develop data-driven facilities for making farming more efficient and less vulnerable. It also eliminates the requirement for intermediaries to be paid out of farmers’ margins, thereby increasing their profit portion. Further, It will improve asset traceability, accurate data on farmers’ input requirements to input suppliers, and inventory data to output providers. Overall, Integrated agri blockchain platform will help in increasing the future cash flow predictions, enabling lenders to purchase inputs on behalf of the farmers’ and provide trade finance to farmers.
The event was graced by the presence of eminent personalities from the agri ecosystem including Dr G.R. Chintala, Chairman of National Bank for Agriculture and Rural Development (NABARD); Mr. Meghanath Reddy, IAS, District Collector, Virudhunagar District, TN; Professor Vijay Marisetty, University of Hyderabad and the Co-Founder of Inclusive Growth Chain and Mr Mr. Pravesh Sharma, Director of Samunnati Agro, among others. While delivering the keynote address Dr G.R. Chintala, Chairman, NABARD), said “The Blockchain technology is going to be a game-changer in the agri ecosystem. Everyone in the supply chain from the farmers, input suppliers, the credit suppliers, equipment hirers to the processors, warehouse managers etc can now log into the platform and gain benefits from the initiative. The FPOs can now avail the data from the platform which makes it very easy for them to submit all the returns. Also, people can now quickly get the details on who is producing/supplying what as well as the quality controls on a single platform now.