The Bank for Agriculture and Agricultural Cooperatives (BAAC) in Thailand is taking a bold step forward to revolutionize the agricultural sector. Deputy Finance Minister Julapun Amornvivat has disclosed BAAC’s strategic initiative to establish an e-commerce platform that integrates blockchain technology. This move aims to ensure transparency and fairness, addressing the prevalent issue of profit disparities between vendors and farmers.
Instead of relying on quotes, BAAC’s groundbreaking initiative will create a fair profit-sharing system that rectifies the imbalance between farmers and vendors. By implementing blockchain technology, the e-commerce platform will enhance control over production, mitigating farmers’ losses and empowering them with greater autonomy.
Recognizing Thailand’s prominence as a leading coffee producer, the initial focus of the platform will be on coffee. However, BAAC’s vision for agricultural excellence goes far beyond a single crop. The bank seeks to promote high-value agricultural practices by encouraging the adoption of technology and innovation, aiming to meet global standards and fortify Thai competitiveness in the global market. Additionally, BAAC supports local agro-tourism initiatives, providing a holistic approach to sustainable rural development.
To further elevate Thai farmers’ productivity and global connectivity, BAAC has established an Office of Foreign Affairs. Through collaborations with the Agricultural Development Bank of China (ADBC), BAAC facilitates product exports and fair trade practices. By providing direct access to raw material sources and fair-priced production, BAAC supports sustainable development within the agriculture sector.
In conclusion, BAAC’s announcement of a blockchain-based e-commerce platform marks a significant milestone in addressing disparities within the agricultural sector. By leveraging technology and promoting sustainable practices, BAAC aims to empower Thai farmers, elevate their global standing, and create a more equitable and prosperous future for the agricultural community. This initiative signals BAAC’s commitment to revolutionize the industry and drive positive change for all stakeholders involved.
FAQ:
1. What is the Bank for Agriculture and Agricultural Cooperatives (BAAC)?
The Bank for Agriculture and Agricultural Cooperatives (BAAC) is a financial institution in Thailand that focuses on providing financial services and support to the agricultural sector.
2. What is BAAC’s strategic initiative?
BAAC’s strategic initiative is to establish an e-commerce platform that integrates blockchain technology to address the profit disparities between vendors and farmers in the agricultural sector.
3. How will the blockchain-based e-commerce platform help farmers?
The e-commerce platform will create a fair profit-sharing system that rectifies the imbalance between farmers and vendors. By implementing blockchain technology, it will enhance control over production, mitigate farmers’ losses, and empower them with greater autonomy.
4. What is the initial focus of the platform?
The initial focus of the platform will be on the coffee industry, as Thailand is a leading coffee producer. However, BAAC’s vision extends beyond a single crop and aims to promote high-value agricultural practices in general.
5. What other initiatives does BAAC support?
BAAC supports local agro-tourism initiatives and sustainable rural development, taking a holistic approach to agricultural excellence.
6. How does BAAC facilitate global connectivity for farmers?
BAAC has established an Office of Foreign Affairs and collaborates with the Agricultural Development Bank of China (ADBC) to facilitate product exports and fair trade practices. They provide direct access to raw material sources and fair-priced production.
7. What is the goal of BAAC’s initiatives in the agricultural sector?
The goal of BAAC’s initiatives is to empower Thai farmers, elevate their global standing, and create a more equitable and prosperous future for the agricultural community.
Key Terms:
– Bank for Agriculture and Agricultural Cooperatives (BAAC): A financial institution in Thailand that focuses on providing financial services and support to the agricultural sector.
– E-commerce platform: An online platform where buying and selling of goods and services take place.
– Blockchain technology: A decentralized digital ledger that records transactions across multiple computers, ensuring transparency and security.
– Profit disparities: Differences in profits earned by vendors and farmers.
– Agro-tourism: Tourism that focuses on visiting agricultural areas and experiencing rural life.
Related Links:
Bank for Agriculture and Agricultural Cooperatives (BAAC) Website
Agricultural Development Bank of China (ADBC) Website
The source of the article is from the blog procarsrl.com.ar