By : Profectus Magazine / 13 Oct 2021 / Entrepreneur Story / Startup Story
The green revolution gave a boost to India’s agricultural sector, but ever thought about how it has affected our health? Most Millennials and Gen Z are facing health issues like thyroid, low immunity, diabetes, and much more, the reasons being excessive use of pesticides and insecticides in our farming. Realizing this issue, the younger generation now prefers to choose organic foods.
For 2000 years our elders were indulged in organic farming and lived a good healthy life. Today the problem is the authenticity of the product, whether is it organic? Organic Ledger is one of its kind blockchain providing solutions across the supply chain. The concept is based on the transparency and traceability of your product or shipment.
Sunny Vaish, the founder of Organic Ledger, is an engineer from MIT Pune and an MBA in finance from the UK. Sunny was always interested in numbers thus worked as a financial analyst in UK and Denmark. Before ideation of the Organic ledger, he worked with his family for their new ice-cream factory project. But it took a hit when the pandemic happened, after that he wanted to do something in the 4.0 industry which is a more decentralized concept.
It came from his experience in Denmark. He says that “we used to shop at supermarkets and there wasalways an ambiguity regarding the authenticity, origin and safety of the organic food. ‘In India, there isnt much focus on the food authenticity or traceability except for some tier-one cities, where people are much more concerned and willing to pay for good quality authentic food. Some companies provide blockchain facilities, but our niche is organic food. India is a low trust economy, manufacturers want to gain the trust of the consumers. To overcome this we invented a supply block chain so that every stakeholder has the entity to keep up with the process. We are ethically hacking the trust, we are trying to get the economy to high trust with the help of blockchain. It is a technology that tracks every step in the supply chain and if somebody would do something wrong then it would be noticeable and we can oust that fraud from the supply chain. Whenever there's an update or the product is moved, it notifies everyone in the supply chain. It has full visibility and at least 50% of the community has to approve it to be added in the whole ledger, it is a decentralized process where trust is the most important aspect.,’ says Sunny.
The consumer base towards this high-tech service is still evolving in India, so our product would be focused on developed nations in the starting phase, for example in the UK government the government has given directives that food imported into their country should be equipped with smart feasibility solutions. Blockchain is used to implement these, these countries are 90% food importers, and going ahead this would be a norm for all the food importers across the world. Rich supermarkets can afford this on their own, but a lot of small businesses would have to adapt from a ready-made vendor who has expertise in this domain. So this would be the first go-to-market for us. Organic ledger works on a B2B2C concept, we provide a QR code which would be a digital twin of the actual product. When the product reaches the consumer end, they can see the certification of their food including the soil certificate which is quite important in this industry.
Taking about the confidentiality of certain businesses or manufacturers, Sunny says, We provide smart contracts between two parties, who don’t want to convey some information to others in the supply chain. We would take a proper database from the producers and that info would be provided, everything would be bonded by smart contracts. Data which is enough to gain the trust of the consumers would be provided
Vaish further adds that the introduction of an organic ledger can gradually decrease the transaction cost, quality cost, and activity cost. It can generate economic benefits to every person who wants to do the business ethically and people involved can have efficiency in the decision making as the total supply chain is transparent. It would create a whole sense of satisfaction in the community. To increase base in tier two and tier three cities, Organic ledger associates their products via crypto-based rewards for stakeholders involved in the supply chain.
The company looks forwards to expand its global reach and niche as well, especially in the countries like UK, Middle East, and Singapore. After the organic industry, the next niche would be an industry where a lot of counterfeiting is happening, for example, Pharmaceuticals, High-end fashion, and more, with help of blockchain one can easily identify the authenticity of the product. Sunny also wants to create a network of Cryptocurrency that would work on a decentralized finance system with the stakeholders on the global level.
India has everything but it lacks a dedicated R&D, where people would be paid to develop different solutions. Vaish further adds that we need to invest more time and money in such solutions which would help us sustain in the future.
TagsOrganic ledger, IoT, Blockchain, Organic food, Farming, Technology, Home