On 26 August 2020, Dubai Multi Commodities Centre (DMCC) and CropData Technology launched their joint venture project ‘Agriota E-Marketplace.’ The blockchain-based e-marketplace will act as an agricultural commodity trading and sourcing platform, connecting India’s rural farmers and the United Arab Emirates (UAE) food industry. DMCC, a Dubai government authority, provides a free trade zone, while CropData Technology is an Indian company dedicated to connecting Indian farmers to fair markets and essential services.
Agriota allows Indian farmers to directly connect with actors in the UAE’s food industry, such as food processing companies, traders, and wholesalers. This reduces the role of intermediaries, making the supply chain and traceability efforts more efficient. Other services include accounting, contract, and regulatory compliance services. Agriota’s complete smart contract trading system will be powered by blockchain and claims to adhere to neutrality, traceability, and trust principles.
India is considered one of the world’s top producers of agricultural commodities, with technology expected to play a large role in the commodity trading market. According to the Business Standard, in 2019, the UAE threatened to lower agricultural imports from India over quality standard concerns. Overall exports to the UAE have indeed decreased over recent months, with agricultural exports declining by around 17.8%. In contrast, Indian exports to other regions rebounded after COVID-19 disruption.
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