PIB Analysis for UPSC CSE
- Blockchain Technology
1 . Blockchain Technology
Context : Coffee Board Activates Blockchain Based Marketplace in India
About the Marketplace
- Blockchain based market place app for trading of Indian coffees is intended to bring in transparency in the trade of Indian coffee, maintain the traceability of Indian coffee from bean to cup so as the consumer tastes real Indian coffee and the grower is paid fairly for his coffee produced.
- This initiative will help in creating a brand image for Indian Coffee through traceability in reducing growers dependency an intermediaries by having a direct access to buyers for a fair price for their produce, in finding right coffee suppliers for exporters and within the stipulated time to meet the growing demands and in building a better trust and long term relationship due to increased visibility towards the traceability and transparency of the produce.
- The stakeholder like coffee farmers, traders, coffee curers, exporters, rosters, importers and retailers register on the platform to make trade transactions. The coffee farmer registers credentials like place where coffee is grown, details of the crop, elevation, certificates if any and any relevant information. A block is created for each of the lot the farmer sells on the Blockchain. The credentials of the block/ lot will be stored on the Blockchain throughout its journey and are immutable.
About Blockchain Technology
What is Blockchain?
- A blockchain is a cryptographic, or encoded ledger comprising a digital log of transactions shared across a public or private network.
What exactly does blockchain do?
- As a peer-to-peer network combined with a distributed time-stamping server, blockchain databases can be managed autonomously. There’s no need for a separate administrator. In effect, the users are the administrators.