BLOCKCHAIN AND COOPERATIVE FARMING, A REVOLUTION ABOUT TO HAPPEN.
With the renewed focus on redirecting economy towards Agriculture in Africa and its potential to reduce unemployment and increase source of foreign earnings, it seems like we would have to begin to take agriculture and the new trend in Agric tech more seriously.
In the past years, emerging markets have been experiencing economic recession especially in Africa and all eyes look in the direction of Agriculture to do the magic of revamping the economy.
With loads of problem facing the sector and the pressure of using it as conduit to recover from this economic woe, it is certain that things must be done differently.
Taking into consideration the lack of economic resources in this sector, it is of great importance to take cooperative farming as a great way to leverage resource pool from individuals and create common wealth.
A cooperative farming effort is defined as a system in which individual farmers pool their resources to buy commodities such as seeds and fertilizers, and services such as marketing. It is a system of farming found throughout the world and is particularly widespread most in emerging markets.
One major problem with emerging market as always being access to finance and financial institutions are not meeting up to expectations in this sector and where they merely intervene, interest rate and stringent conditions put in place are grossly discouraging.
One of the most recent technology is the blockchain. As difficult as it is for some people to understand, it remains the game changer in the world of finance.
What exactly is blockchain and how can a digital token revolutionize the Agric space? In fact, in Nigeria only a few computer geeks have heard about blockchain, and a fraction of those who have, really appreciate its meaning and the potentials it holds.
Blockchain creates a secure and transparent ledger system that’s available to all parties within a supply chain including producers, retailers, logistics providers, and regulators. This shared ledger compiles a comprehensive record of each asset, all transactions in its history, and its current ownership. Each change to the ledger must be verified by all parties, which gives the process trustworthiness and transparency. Changes can be made automatically by adhering to a set procedure that was unanimously pre-approved during the design of the technology.
Blockchain provides a more secure communication system that allows for faster and more transparent information sharing. Its main benefit may simply be moving transaction data away from the antiquated pencil-and-paper systems in use now.
Blockchain technology came to popular notice with the rise of bitcoin and other cryptocurrencies. The technology allows for highly secure digital transactions and recordkeeping. Even though blockchain found its first use in cryptocurrencies, the potential inherent in this concept is far, more than what we can ever imagine, agriculture inclusive.
Blockchain can reduce inefficiencies and fraud while improving food safety, payment and transaction times. The agricultural industry should be teeming with excitement about the coming infusion of blockchain technologies.
Can you imagine as a farmer, belonging to a cooperative society and your society subscriptions to a blockchain ecosystem that offers you the opportunity to access all the funds needed to take on farming at a commercial scale, that is what Agroplexi is bringing to the agricultural ecosystem to experience.
With Agroplexi, days of insignificant investment in farming are gone. A new era of unrestricted access to finance for emerging markets is here. A world where global citizen come together to finance our world out of food insecurity and hunger without worrying about credit history, risk and trust is here and here to stay.
