AlgoBharat, the India arm of Algorand Foundation, has announced the launch of its campaign with the State of Telangana to drive the deployment of blockchain-based solutions that support practices, including product traceability and transparency, and financing for carbon offsetting projects.
According to an official release, through its partnership with the State of Telangana, farmers will be able to adopt practices such as organic farming, agroforestry, crop rotation and solar power harvesting. Reportedly, they will be able to generate verifiable credits that can be traded on carbon markets, creating new revenue streams for the farmers and other populations.
“We have a commitment at Algorand to drive the use of blockchain for real-world solutions that deliver inclusivity. Imagine a world where a farmer in a rural village in India can earn carbon credits for her practices the same way a commercial landlord can for using light bulbs in a New York City building. That’s where we aim to be headed, driven by the Web3.0 solutions being built on Algorand,” Anil Kakani, vice-president and India country head, Algorand, said.