India’s cotton industry will soon begin adopting distributed ledger technology (DLT) to track export shipments.
Piyush Goyal, Indian Minister of Textiles, Commerce, and Industry, urged the country’s cotton industry to use blockchain to ensure transparency of product shipments. Apparel Resources reported the news.
This initiative aims to track cotton supplies “from Farm to Foreign,” potentially increasing the value of Indian-made cotton products and raw materials in the international market. The immutability of blockchain will provide transparent information so that customers will be able to see the history of a product through every step of the production process.
“Blockchain technology will be tried on a small scale initially and later expanded,” Goyal said. Moreover, India is one of the world’s largest cotton producers, accounting for about 20% of global cotton production.
Recall that India is increasingly using blockchain to monitor various areas of state production and trade. For example, India’s National Securities Depository Limited (NSDL) launched a blockchain-based platform for tracking securities and covenants, and the Ministry of Electronics and Information Technology (MeitY) initiated the creation of a “national blockchain.”
