BALI, Indonesia — The Funding Partners, an agriculture blockchain firm committed to integrating agricultural supply chains around the world with blockchain technology, has announced their foray into Indonesian markets starting with the coffee and rice industries in Tabanan, Bali, Indonesia.
The Funding Partners have already set up a regional branch office in Indonesia and are in the process of acquiring a 60-hectare plantation in Earth Village, Tabanan.
The Indonesian government has publicly declared that the Earth Village is a preservation area for the Balinese forests and selected trees based on their functions, contributions and local environmental impacts, and enforces an environmental commitment to allocate 70% of Tabanan’s land for agriculture.
Indonesia is the world’s 4th largest producer and exporter of coffee with exports amounting to over US 1 billion annually and is the world’s 3rd largest producer of rice at close to 100 million tons.
Balinese coffee is famous for its delicious taste, strong characterized smell and dark color that together indicates a highly sought-after quality beverage. The verdant surrounding rice fields are also emblematic of Bali’s rice-growing traditions and are part of its Unesco recognition of this practice.
It’s claimed the region’s extraordinary rice harvest is equaled only by the “golden triangle” of Thailand and a small area of the Philippines.
Bali’s soil has been enriched by volcanic eruptions that has made it fertile and rich in nutrients and this has attracted many agriculturists from around the world.
The 60-hectare plantation in Tabanan will allow The Funding Partners to offer what it calls “the world’s first blockchain-traced coffee and rice”, giving customers access to a blockchain ledger that tracks every stop along their coffee and rice supply chains.
By scanning a QR code associated with the batch of product they bought, customers can see the date and location of every transaction—from collection at the farm to washing and drying, milling, export, roasting and retail.
The new tool comes as tech-savvy consumers are seeking more information about the products they consume and businesses are looking for more efficient ways to track their relationships with suppliers.
Companies in many industries—from finance to food and real estate—are testing blockchain technology, best known as the ledger behind cryptocurrencies like bitcoin, to improve data-sharing and conduct transactions more quickly.
The Funding Partners CEO, Jim Edwards, commented, “Our expansion into Indonesia could see a seismic change in an industry that hasn’t had much innovation in the way their coffee and rice moves across borders and oceans. With blockchain, you are able to get more capital in the hands of the people who produce these goods, and the outcome of this are better supply chains.”