Walmart Intends on Utilizing Blockchain Tech To Gather Produce from India
Walmart, one of the leading retail giants in the world, is planning on acquiring produce from Uttar Pradesh, a state within India, using state of the art blockchain-tech.
Krish Iyer, the chief executive officer of Walmart India stated that blockchain architecture would immensely aid in authenticating transactions and heavily enhancing the company’s delivery services.
The project would initially release as a trial in Uttar Pradesh. Walmart has a long-standing relationship with the states local farmers and consistently acquires produce from farms to sell and draw attention to the local farming state, connecting them to others.
Stating that the same trial had already been implemented in Walmart China, Iyer said that the government will have to first assess and discuss the project before approval. He added that Walmart was looking to make even stronger moves in signing up more local farms and guaranteeing that agricultural acquisitions by the company are sold for worthy prices.
Walmart India sees 20 percent of all its acquisitions and procurement throughout India from produce obtained locally and has around one hundred thousand farmers as part of its supply chain.
The CEO also stated that Walmart India is actively dedicated to providing legitimate prices to local farmers, up the number of payments and continue procuring even after the season was over.