The TRACE initiative, launched by the International Fund for Agricultural Development (IFAD), has been honored with the prestigious 2024 World Future Award for Best Blockchain-Based Traceability Solution. This award recognizes TRACE’s pioneering approach to transforming transparency, accountability, and financial inclusion within global agricultural supply chains through cutting-edge blockchain technology.

TRACE utilizes both Ethereum and Hyperledger Fabric platforms to ensure the secure tracking of funds from donors directly to smallholder farmers, enhancing trust in development finance. By integrating blockchain smart contracts, TRACE guarantees that funds are used efficiently and reach the intended recipients without delays or inefficiencies.

Key Achievements

· $300 million in development funds tracked through TRACE.

· Nearly 500,000 farmers have benefited from this innovative solution.

· Scaling to 90 countries globally to drive progress towards the United Nations Sustainable Development Goals (#SDGs).

· Integrating blockchain technology with virtual reality to showcase real-time project impacts.

· Smart contracts enable near real-time payments, boosting compliance with international anti-money laundering and anti-fraud regulations.

Vision and Future Impact

TRACE is not just a technological breakthrough but a critical leap forward in ensuring development funds reach the people who need them most. This blockchain-based solution is set to continue growing, with plans to expand across 90 countries. The platform will further strengthen IFAD’s mission to empower rural communities, reduce poverty, and promote sustainable development.

Partnerships

TRACE is supported by strong partnerships with globally recognized organizations, including:

· EY: Providing strategic financial advisory and blockchain expertise.

· Impersive: Bringing innovative technological solutions to elevate TRACE’s functionality.

· Onafriq and Circle: Newly joined partners dedicated to expanding TRACE’s outreach and impact.

Together, these partnerships are crucial to TRACE’s success and its ability to attract both public and private sector funding.

Learn More: For more information about TRACE, visit the official press release: TRACE Blockchain by IFAD’s Innovation in Agriculture: WFA (worldfutureawards.com). Explore TRACE: www.traceblockchain.io