New Delhi [India], October 7(ANI/NewsVoir): The Indian arm of one of the fastest-growing global blockchain technology giants, Belgium-based SettleMint, today announced the culmination of a pilot project with ITC Agri Business.
In the two years of beginning operations in the country, SettleMint has made significant progress and taken rapid strides towards the enablement of blockchain adaption in India and the pilot project with ITC Agri Business is a testimony to that effect.
Commenting on the project, Shazad Fatmi, CEO, SettleMint India, said,
"We were delighted to begin our journey in the agriculture sector in India with ITC Agri division with the pilot. The importance and role of agriculture in India is significant and it is an honor to be working closely with ITC Agri to bring the benefits and advantages of blockchain to the agriculture sector and India."
"Being one of the simplest and fastest blockchain solution providers in the world, we were able to demonstrate the path to leveraging the benefits of blockchain technology via this project. The incredible adoption of this technology across sectors, the world over, augers well for India, as more and more sectors are likely to implement blockchain and reap its benefits," added Fatmi.
ITC Agri Business is one of the leading domestic players and exporters of numerous agricultural commodities and its unique strength is the extensive backward linkages it has established with the farmers. The leadership position of ITC's Agri Business is anchored in its strong and enduring relationship with farmers across the country, which has revolutionized the agricultural sector in rural India.
"We are pleased to work with SettleMint on this game-changing technology for the Agri-tech sector. Blockchain will unlock high-resolution commercial data sets to the agricultural community, leading to accelerated and improved data sharing between upstream and downstream entities and providing for the synchronity in value chains," says Rohit Pajni From ITC - ABD.
Elaborating on some of the benefits of using blockchain for firms dealing in agriculture Fatmi, said, "Linking procurement and payments for commodities as well as upstream and downstream supply chain integrations are some of the benefits that would enable end-to end-transparency in the value chain, especially with the farmers across the country. Visibility through the supply network, increased robustness, and ensuring sustainable practices are some of the other advantages of blockchain for Agri organizations."
SettleMint offers infrastructure and developer tools that greatly simplify the blockchain journey for organisations. SettleMint’s proprietary low-code solution provides organisations and consortia with a reliable, scalable foundation to build upon and tools for developing, deploying, monitoring and debugging blockchain applications. SettleMint provides the necessary professional infrastructure for organisations to reduce the time and complexity of building and integrating the next generation of game changing blockchain solutions.
ITC is one of India's foremost private sector companies with a Gross Sales Value of ₹ 74,979 crores [approx' €8.646.936] and Net Profit of ₹ 13,032 crores [approx' €1.503.028] (as on 31.03.2021). ITC has a diversified presence in FMCG, Hotels, Packaging, Paperboards & Specialty Papers and Agri-Business. ITC's aspiration to be an exemplar in sustainability practices is manifest in its status as the only company in the world, of its size and diversity, to be carbon, water and solid waste recycling positive. In addition, ITC's businesses and value chains create sustainable livelihoods for more than 6 million people, a majority of whom represent the poorest in rural India.