New Delhi: The International Fund for Agricultural Development (IFAD) has been awarded the prestigious World Future Award 2024 for its innovative blockchain-based traceability initiative, TRACE, a press release stated.
The TRACE initiative leverages advanced blockchain technologies, including Ethereum and Hyperledger Fabric, to track the movement of funds and goods from donors to individual farmers. The technology guarantees near real-time payments and compliance with anti-money laundering and anti-fraud regulations, making it an ideal solution for improving transparency, efficiency, and sustainability in global agricultural supply chains.
The TRACE platform has already been successfully implemented in projects across seven countries, with plans to scale up to 90 countries globally. By integrating virtual reality, the platform offers a more comprehensive overview of its impact, making it easier to attract public and private sector funding.
The innovative application of blockchain technology to improve financial inclusion and data protection standards is expected to have a positive impact on sustainable development goals. TRACE empowers smallholder farmers and small-scale producers by providing accurate data.