Thailand’s Energy Ministry is exploring using blockchain for palm oil trade, a Bangkok Post article said. The goal is cut down the middlemen so that farmers can realize higher profits.
Thailand is the third-largest producer of palm oil globally but contributes only a single-digit percentage to global production. The country produced three million tonnes of crude palm oil in 2019. However, the Thai palm oil industry is facing issues with pricing, and the agriculture ministry has encountered protests from farmers in the past.
There is also a rising demand for sustainable production, as palm plantations are set up by wiping out acres of rainforests.
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