Biodiversity and indigenous knowledge systems present numerous opportunities to advance the state of medicines and health. However, considerable friction points exist for fostering biodiversity value chain. In this paper, we present a case for a blockchain enabled ecocentric decentralized framework for balancing innovation, regulations and sustainability. We enumerate some of the key requirements of the solution we built. We also list our learnings about the challenges in its realization. Such a solution has the potential to address the larger social good by empowering traditional populations to receive benefits automatically.