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Blockchain Technology to Help Cambodian Rice Farmers Make More Profit

In Cambodia, Blockchain has been used in a project known as, BlocRice to enable farmers to sell their products at the best possible price. A local news outlet revealed this in a recent publication, stating that this was a project carried out by Oxfam. Its aim is to improve traceability, transparency, and trust in the supply chain. It will also improve the farmer’s means of livelihood.

BlocRice Aims at Helping Rice Farmers to Make the Most Profit

BlocRice seeks to help rice farmers to make the most profit from selling their produce. These are usually poor primary producers who do not get the most value for their farm produce. Therefore, the application of blockchain technology will enhance the bargaining power of these farmers.
Their agricultural cooperatives will also determine Their selling price. This is a cooperative of rice farmers whose members are in collaboration. Using blockchain and smart contracts, they will be linked to everyone that will be a part of the supply chain. This is a chain of people who process the rice raw material before it finally gets to the end user.

Blockchain Technology Creates a Digital Connection

BlocRice takes advantage of smart contracts to create a digital link between farmers, rice exporters, and buyers living in the Netherlands. That being so, it can digitally connect the farmer, supplier, and the buyer.
Solinn Lim, the country director of Oxfam in Cambodia said that the project was promoting the use of smart contract as a tool for ‘social and economic empowerment.’ This is because it will help these farmers to sell at a better price. It also helps to maintain information between parties. This means that right from when the rice is planted, cultivated, and manufactured, its data will be stored on the blockchain.

Project May Include Pepper and Cassava Farmers in Future

An area of specialization makes it very easy to manage and overcome the problems that may occur. Moreover, the success of this project by its application in rice farming will determine its future. That is to say; there are plans to also employ it in other products such as pepper, cassava, and cashew nuts.
The BlocRice project began in 2017 and was launched in November this year, but its beta phase will end in March 2019. For this reason, it is yet to gain the recognition of significant members of the supply chain. Another part of this project is to encourage a cashless system of payment. Here, funds are transferred directly to the farmer’s bank account.

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