Blockchain firms collaborate to loan $10 million in crypto to sub-saharan farmers.
Mar 29, 2018 Posted / 1410 Views
Blockchain finds another unbelievable applications in the agricultural domain. By establishing a peer-to-peer network between the farmers, the traders, the government, and all the agricultural related people. We could establishing a greater transparency and all the exploitation by the middle-men on the farmers and others could be eradicated.
Every day - all around the world - farmers face the same common threats to their productivity and livelihood. In Africa, however, the challenges go beyond damaging weather, pests and disease. Farmers at all scales of production need access to the inputs required to produce a successful crop - high-yielding seeds using effective fertilizers and sufficient water. Even when these are available, input pricing is often too high for smallholder farmers. Africa has faced daunting challenges with regards to both the future of agriculture and energy supply.
Lack of information remains number one problem facing most small scale farmers in Africa today. Most miss out on new and improved methods of farming and lack of financial support systems to enable farmers grow, expand, and maintain their yields.Market for farmers has become one of the biggest issues for Africa today affecting the lives and living standards of millions of people. In order to solve these problems a few Blockchain firms have come forward for the rescue of the sub-Saharan farmers.
Blockchain financial services platform Wala and its native Dala token have partnered with African commodity trader Block Commodities (BLCC) and financial and commodities ecosystem FinComEco to support the development of blockchain financial platforms for developing markets.
The partnership is aiming to collaborate the BLCC trading business and the FinComEco agricultural commodities ecosystem through the deployment of blockchain to maximize the value of African agricultural commodities to smallholder farmers. The collaboration will be enhanced by existing Dala and Wala partnerships with mobile point-of-sale service Mvendr and ecommerce management platform Spazapp.
BLCC and FinComEco will provide Dala token loans equivalent to $10M USD to 50,000 smallholder farmers starting in Uganda to purchase fertilizer, and in time, the same will be provided to local farmers in South Africa, Republic of Congo, Malawi, Zambia and Zimbabwe. If all goes according to plan, the fertilizer will allow farmers to maximize their outputs, at the same time, the partnership will provide blockchain-based tools to track their commodities.
Hirander Misra, Chairman of GMEX Group and CEO of FinComEco, said the partnership will drive financial inclusion across Sub-Saharan African countries by providing smallholder farmers with cheaper access to finance and inputs, which will result in an increase in agricultural output.
“This combined with electronic warehouse receipts financing and easier access to markets through the FinComEco commodity exchanges will ensure better price transparency enabled by Blockchain technology therefore increasing individual incomes and national GDP,” said Misra.
While some countries speculating it's disruptive powers adopted to ban this amazing technology while others trying to regulate it, the technology itself is turning to be developmental for the human race.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
Hottest Blockchain Newsletter
For updates and exclusive offers, enter your e-mail below.