Today we are living in a trust deficit era. We say things without meaning them, or we mean something different when we say things. And that's perhaps the reason why you need third parties coming in. Moreover, the recent developments in the EU actually have regulations in place now, which require third parties to come forward.
And make sure that things are what they are. And this is our law. As, a global standard, through the GOTS system that we have, for us, traceability is key. It's important because we need to know how much was produced, how much came from the farm, how much was converted into ink, and how much is converted into ink.
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We do this through a system that we call a 'Transaction certificate'. Every transaction that happens, every material changes hands. Ownership, there is a document that is produced by an independent third party, which is the certificate. These systems, until fairly recently, for the next, perhaps a few months, were all decentralized.
They were all concentrated among individuals. We have 26 of them. We are now creating a centralized database system, which has all this information in one place, which will help us do one of the most important things that need to be done, which is called "Volume Reconciliation". So that you don't have one implication of what's going on.
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Sadly, we need to hear Teddy talk about fraud in the system. That is a reality. We are facing it every day. We have to take steps against it. It's a fact. It happens. And it's happening because there are enough people in the market who wish to cheat and defraud the system. And consequently, I mean this tarnishes the image of our country (A single sinner sinks the boat).
So, even though I represent a global organization, I still have the problem. I feel really bad when somebody says, what's organic cotton from India? Given that there are many nuances, we are working on a few things currently.
Trust is the currency; We have an interesting initiative let's say, it is a pilot project and we are excited to partner with some of the stakeholders. Using satellite imagery, we're able to detect organic cotton farms to go down to the bottom of the issue, and this is an unmet need.
This has been piloted over 6, 000 individual farms in Gujarat which traditionally is a major cotton-producing state in India and it's back off. It's through the European Space Agency and a algorithm that is run by an organization. I think the next would be to try and do this in Turkey and hopefully, this would be a match. So we can do a few things.
What I want to say here is that, the core thesis here is "traceability is important" and as we see things here there are two reasons. Number one, we have to be able to stand with what we say, which means we have to back our words. That's number one. Number two, there is very little faith in the market.
And the last thing is, it's not quite that easy. So we, we are not taking away from anything and, I congratulate Mark Sussman, Taiwan a global expert taking one more step there. The social aspect is also important, especially on the fiber production side.