India's Arya.ag Taps Avalanche Blockchain for Grain Ownership Records

Arya.ag, an Indian agricultural warehousing and lending company, is testing a system to tokenize warehouse receipts for stored grain on Avalanche's layer-1 blockchain. The system, developed in collaboration with Finternet, aims to connect various information related to grain deposits, warehouse receipts, collateral commitments, and loan status through the network.

According to Devika Mittal, head of India at Ava Labs, each tokenized receipt will represent ownership of the stored commodity. The companies did not disclose an expected launch date or how much grain or lending the initial deployment would cover.

Arya.ag stores about $2 billion in agricultural commodities across its warehouse network and supports approximately 120 billion Indian rupees (about $1.26 billion) in loans annually. Its lending arm, Arya Dhan, issues around $230 million in loans each year.