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UNDP and FairChain Foundation Use Blockchain to Fund Cocoa Farmers

UNDP and FairChain Foundation Use Blockchain
UNDP and FairChain Foundation Use Blockchain

UNDP and FairChain Foundation use Blockchain that will allow consumers to donate tokens to cocoa farmers in Ecuador.

The FairChain Foundation partnered with the United Nations Development Programme (UNDP) to develop chocolate bars made of Ecuadorian cocoa.

The blockchain token for farmers

Inside the wrapper of each chocolate bar is a QR code that consumers can scan to donate a blockchain token directly and without intermediaries to the farmers, reported Springwise.

The scan will also show how much the farmer was paid for the cocoa used to make the chocolate bar and the GPS coordinates of the cocoa tree from which the cocoa for the bar was harvested.

Chocolate production is a 92-billion-euro industry. However, farmers receive only 3% of the value of the cocoa used to make chocolate products. Cocoa farmers also don’t earn a living wage, says the report.

The blockchain technology in global community

FairChain Foundation founder Guido van Staveren said that the utilization of the blockchain helps farmers to easily gain access to funds. In addition, donors will know that farmers receive their donations.

The UNDP is one of those organizations that bring the blockchain technology to help underprivileged people around the world.

In July, the UNPD started using blockchain technology to improve the quality of life of people in various communities in Afghanistan. Moreover, they donated Ethereum to immigrants and refugees in Syria.

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