NEW DELHI, 15 October 2024: Belgium-based blockchain technology leader SettleMint’s Indian arm has successfully concluded a pilot project with ITC Agri Business, marking a significant milestone in advancing blockchain adoption in India’s agriculture sector.
SettleMint India, which commenced operations two years ago, has made notable strides in implementing blockchain solutions across various sectors. This collaboration with ITC Agri Business underscores the potential of blockchain technology to revolutionize agricultural practices in the country.
A Step Towards Blockchain-Driven Agriculture
Shazad Fatmi, CEO of SettleMint India, expressed his enthusiasm for the project, stating, "We were delighted to begin our journey in the agriculture sector in India with ITC Agri division. The importance and role of agriculture in India are immense, and it is an honor to work closely with ITC Agri to bring the benefits of blockchain to this vital sector."
Highlighting SettleMint’s approach, Fatmi added, "As one of the simplest and fastest blockchain solution providers globally, we were able to showcase how blockchain technology can be leveraged effectively. The growing adoption of blockchain across industries worldwide is a promising sign for India, paving the way for transformative benefits across multiple sectors."
ITC Agri Business: Revolutionizing Agriculture with Blockchain
ITC Agri Business, a prominent player in the domestic and export markets for agricultural commodities, is known for its strong connections with farmers across India. These backward linkages have significantly contributed to rural agricultural development.
Rohit Pajni from ITC-ABD emphasized the potential of blockchain for agriculture, stating, "We are pleased to work with SettleMint on this game-changing technology for the Agri-tech sector. Blockchain will unlock high-resolution commercial data sets for the agricultural community, enabling better data sharing across the value chain and fostering synchrony between upstream and downstream entities."
Blockchain’s Transformative Impact on Agriculture
The pilot project highlights several advantages of blockchain for agriculture, including: Procurement and Payment Integration: Seamlessly linking these processes ensures transparency and efficiency.
Supply Chain Visibility: Enhanced visibility across the value chain benefits farmers and organizations alike. Sustainability and Robustness: Blockchain promotes sustainable practices and strengthens supply chain resilience.
Fatmi elaborated, "Blockchain provides end-to-end transparency, especially for farmers, and strengthens the supply network. It’s a robust solution ensuring sustainable practices while driving value for agricultural organizations."
This collaboration is a testament to blockchain’s potential to transform India’s agriculture sector, fostering efficiency, transparency, and sustainability across the value chain.
Image credit: agritechdigest.com
