UN Partners With NGO to Tokenize Chocolate Bars for Equitable Trade
Marie Huillet's original article for cointelegraph.com reduced by 45%
The United Nations Development Programme has partnered with Dutch NGO the FairChain Foundation to use blockchain for the more equitable funding of cocoa farmers. According to an Oct. 17 report from SpringWise, the partners will launch a new chocolate bar, made with Ecuadorian-grown cocoa, together with a token-based scheme that allows consumers to contribute directly to cocoa producers.
When scanned, QR code also reveals how much the farmer was paid for the cocoa used to produce their bar, as well as indicating the GPS coordinates of the cacao tree from which the cocoa for their bar was harvested. According to SpringWire, while chocolate production represents a $92 billion global industry, farmers currently only receive 3% of the value of the cocoa used for marketed products. FairChain's project aspires to ensure that farmers are better paid for their cocoa, with a target of achieving a price of €3,080 per metric ton for their cocoa.
Each of the tokens in The Other Bar project is reportedly worth around one-quarter of the value of a cocoa tree. As reported, the UN has long been exploring multiple - largely humanitarian - use cases for blockchain technology, beginning with its use of the Ethereum blockchain to transfer coupons based on cryptocurrencies to refugees in Syria, followed by a blockchain-based digital identity system designed to combat child trafficking globally.
Donate Bitcoin to this address
Scan the QR code or copy the address below into your wallet to send Bitcoin
Donate Ethereum to this address
Scan the QR code or copy the address below into your wallet to send Ethereum
Donate With MetaMask
Donate ETH With MetaMask
Alternatively, support us by using the following referral links:
CN [too long; didn’t read]
Summarised crypto news.