BlocRice, which intends to utilize smart contracts to guarantee straightforwardness and security between rice producers and importers in the Netherlands, has been under advancement and is anticipated to extend to 5,000 farms by 2022.
Oxfam’s information brochure says “The project aims to test blockchain technology and its smart contracts, a digital 3-way contract farming arrangement between primary producer, Cambodian rice exporter and retailer in Europe, to improve farmers’ livelihood and their supply conditions.”
Expanded robotization and perceivability ought to, in turn, permit individual farmers to set better prices and dodge financial impediments.
Solinn Lim, country director of Oxfam in Cambodia said “BlocRice promotes the use of such digital contracts as tools for social and economic empowerment.”
Lim further said:
“The application of blockchain technology is expected to enhance the negotiation power of small-scale farmers in their rice value chains, who are usually poor primary producers.”
It isn’t the first time blockchain has been employed to rice supply chains as a method of making their systems stronger. Alibaba and local authorities in China collaborated to resolve security issues in the Wuchang rice industry with the utilization of blockchain.