Blockchain startup Nucleus Vision has entered into a partnership with the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT).
Headquartered in Hyderabad, India, ICRISAT is an international organization which conducts agricultural research for rural development. The partnership with Nucleus Vision is aimed at leveraging blockchain technology to spearhead agricultural development and provide a better livelihood for farmers, while eliminating waste and improving transparency.
“Nucleus Vision has partnered with the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) to help realise their vision of bringing the world nutritious and healthy food. By taking advantage of Nucleus Vision’s proprietary blockchain protocol, ICRISAT will take several steps towards achieving their vision of a food secure world,” Abhishek Pitti, Founder & CEO, Nucleus Vision, told EconoTimes. “ICRISAT will also work closely with Nucleus Vision in exploring other exciting blockchain applications in the food and crops industry to help spearhead agricultural development and a better livelihood for farmers.”
Pitti believes that Indian agricultural sector can greatly benefit from blockchain technology, which will help ensure an efficient supply of products, fair pricing, and improved product tracking.
“The technology will equip farmers to do real-time management of the stock. It will improve visibility of movement of produce from farm-to-fork by keeping a record of all the information starting from seed procurement to harvest to sale at POS system,” he added. “Blockchain technology will help producers and consumers in quantifying, monitoring, and controlling the risks which cause much distress in India. The Indian agricultural sector stands to gain significant operational advantages with these enhanced visibility initiatives.”
Founded in 2014, Nucleus Vision is an IoT and blockchain based contactless identification system. The company is backed by prominent blockchain-focused investment firms including Alphabit Digital Currency Fund, FBG Capital, Kenetic Capital, Turiya Ventures, and BlockAsset. Over the past couple of months, it has partnered with a number of Indian retail giants, including Future Group, Shoppers Stop, Globus, Croma, and others.
Pitti said that the company has received a very good response from the business heads at these retail brands.
“Blockchain technology holds tremendous potential to transform retail omni-supply chains,” he added. “With its distributed ledger and shared infrastructure, in combination with smart contracts, blockchain can help retailers streamline operations, ensure product authenticity, drive value with loyalty programs, enable different modes of payment for the shopper and ensure a tighter supply chain collaboration.”
Nucleus Vision is going to co-host one of the largest blockchain conferences – International Blockchain Congress – in August.
“We will be talking more about these partnerships and the way forward at International Blockchain Congress that we are hosting along with Niti Aayog, State Governments of Telangana and Goa,” Pitti added.
