Does the tea industry also need blockchain technology? Indian Tea Board says it is needed!

Source | Business Today

An Indian official said that 28 companies, including well-known companies Amazon, Infosys (India's well-known IT company) and Yes Bank (India's fourth largest private bank), have carried out the intention to use the Tea Board's blockchain. Got a response. It is reported that the Indian Tea Council expressed its intention to use blockchain and alliance technology to ensure the traceability of tea .

Arun Kr Ray, deputy chairman of the Indian Tea Board, said that because of rising costs and the price of tea has stabilized at auctions, we need to do this for the long-term sustainable development of the industry.

Ray said: "We plan to start a work to use blockchain technology to ensure the traceability of tea, especially the authentic tea varieties ."

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He said the use of technology will also help determine whether various teas are organically grown .

Ray said, "Amazon, Infosys, Yes Bank, and 25 other companies have responded to this intent. Selected consultants will advise on the cost of running this activity over time."

Ray said that India is the second largest tea beverage producer after China.

"However, India ’s tea exports have been stagnating at around 250 million kilograms. The way in which tea is exported has resulted in Indian tea currently not receiving a reasonable selling price in overseas markets," he said.

Ray said that unless tea growers get higher prices for their teas, they won't be able to pay workers more.

"If this situation (stagnation in prices) continues, the workers will leave and India's famous 'bright tea' will cease to exist," he added, adding that this would bring a devastating disaster to the tea industry.

In addition, when asked about the entry of Nepalese tea into the Indian domestic market, Ray said: "Because of our free trade agreement with Nepal, a neighbouring country, there is no restriction on the entry of Nepalese tea into India, but it must comply with FSSAI Bureau of Standards). "

Original link:

https://www.businesstoday.in/technology/news/amazon-yes-bank-infosys-and-25-other-firms-respond-to-tea-board-eoi-for-blockchain-use/story/391318. html

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