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If one of the key factors driving the development of blockchain technology is to make the world a better, fairer and more transparent place, then the charity organization Oxfam is thrilled to do its part. According to a recent publication in the Cambodian newspaper The Khmer Times, Oxfam has just launched its blockchain project BlocRice.
The concept behind the project is to provide the agricultural sector in developing countries with greater levels of power when it comes to negotiating sales with buyers. Furthermore, it is also hoped that through the use of cryptocurrency tokens, the underlying supply chain will increase its range of action.
The Transparent Rice project starts in Cambodia
BlocRice has decided to launch its first project in the South Asian state of Cambodia, a country that relies heavily on the export of agricultural products such as rice. In fact, only in 2016, the agricultural sector contributed over 26.7 percent to Cambodia's GDP, resulting in exports of over 542,000 tons of rice.
The project was launched for the first time in April 2017 as part of a first pilot test, with the intent of trying to ascertain whether blockchain technology could guarantee farmers to sell their products at a fair price. . According to Solinn Lim, director of Oxfam Cambodia, agricultural stakeholders will be required to engage with the blockchain-based contract, which, if successful, will give farmers much more bargaining power than they are currently used to.
Furthermore, using the autonomous and immutable features of smart contract technology, the project will bridge the gap between farmers, exporters and ultimately rice buyers based in the Netherlands.
Even the first nations of the world play their part
One of these organizations in the Netherlands that has already agreed to implement the technology is SanoRice, which mainly uses Cambodian-based rice for the production of crackers. As a result, the entire end-to-end supply chain process can be monitored and managed within the transparent blockchain protocol.
In addition to guaranteeing farmers who are from developing countries a fair price for the goods they export, the BlocRice project also aims to introduce cashless payments. In cooperation with the Acleda bank, the project will assist farmers in trying to reach banking services – something that many Cambodian rural regions are currently unable to access.
Ultimately, if the process is labeled as a success, it is hoped that BlocRice will be extended not only to other developing nations, but also to other agricultural products.
Global organizations that show that Blockchain technology can benefit society
It is not the first time that a global organization has used the advantages of cryptocurrencies and blockchain technology to make the world a better place. Earlier this month we reported as the leading US manufacturer SC Johnson, which primarily creates products related to household cleaning products, both currently in the early stages of the introduction of blockchain technology in Indonesia.
The idea behind the project is to create an incentive program that rewards the premises for the recycling of their plastic waste. Currently, Indonesia, together with other countries in the Asian region such as China, Vietnam, Thailand and the Philippines, are responsible for over 55% of the world's plastic waste which is subsequently dumped into the ocean.
By creating an incentive system, those who choose to recycle are rewarded in the form of tokenization, which will hopefully then be used to purchase goods and services.
