Planet Daily News, India’s Maharashtra Warehousing Corporati...

Planet Daily News, India’s Maharashtra Warehousing Corporation (MSWC)’s ​​blockchain pilot project in commodity financing is progressing well. The project was run as a pilot in the 2020-21 fiscal year, with 185 farmers participating and disbursing loans worth 363 billion rupees. In this fiscal year, 423 farmers have received receipts and issued loans worth 9.75 rupees. With the help of blockchain technology, farmers can obtain loans for their goods within 24 hours, compared to 7 days through traditional methods. It is reported that commodity financing refers to loans issued by financial institutions using agricultural products as collateral. You can obtain a loan by presenting a warehouse receipt issued to a farmer or trader from an approved warehouse. This concept aims to help farmers obtain better prices and prevent low-price sales. (The Indian Express)