UAE and India are among each other’s biggest trading partners with India possessing a robust export of agricultural produce to the UAE. UAE’s Dubai Multi Commodities Centre (“DMCC”) unveiled the Agriota E-Marketplace, a technology-driven agri-commodity trading and sourcing platform. This platform will use blockchain to help bridge the gap between rural farmers in India and the UAE’s food industry. The Agriota platform provides Indian farmers with the opportunity to connect directly with food processing companies, traders and wholesalers in the UAE. Tradeable goods include cereals, pulses, oilseeds, fruits, vegetables, spices and condiments.
The Agriota-E Marketplace will disrupt the traditional association between farmers, middlemen and importers by allowing producers to directly engage in dialogue with buyers. The blockchain-based platform will act as an agricultural commodity trading and sourcing center, allowing farmers to bypass intermediaries, optimize supply chains and ensure traceability to create value for all stakeholders.
The partnership will empower India’s local communities and export prospects, while rapidly expanding the UAE’s long-term food security and serving as a showcase for bilateral embrace of emerging technology.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “Harnessing the power of blockchain technologies within the commodity space is a top priority for DMCC, and launching Agriota is the next natural step in this journey. The UAE has a significant history with India, and our agricultural commodities platform takes this symbiotic relationship even further, benefitting the millions of farmers throughout India whilst simultaneously providing greater food security for the UAE.”
This initiative will act as a textbook example of how blockchains boost the Agri-Tech sector.
Reported by Tanya Garg, Senior Editor