In our previous article, we mentioned problems faced by farmers and what ALT-TOP’s platform can do to solve those problems. So how does blockchain impact the livelihood of farmers?
Food traceability
Today, with the growing interest in healthy living, consumers are getting increasingly concerned with the origin and contents of their food. The demand for organic products, sustainably raised meat and locally farmed goods have grown significantly in the past few years. However, many producers fake these by selling mislabeled products for greater sales because retailers and consumers do not have a viable method of verifying a product’s origin. In addition, we believe the lack of recognition is detrimental to the agricultural ecosystem as farmers are not rewarded for a good harvest and bad actors remain behind the scenes.
The introduction of blockchain will change the current landscape with its ability to record immutable data at every step of the supply chain. Combined with our platform, consumers or suppliers can easily extract reliable information from the network to pinpoint a product’s exact origin or final destination. Imagine this — a customer in Singapore eating fresh sashimi can instantly verify its origin at a click of a button through our ALT-TOP platform. This encourages transparency both online and offline. Consumers can now instantly be assured of their value for money. With this new exposure to farmers, they will receive a new form of recognition that will increase the value of their goods and services. This will also incentivise farmers, the supply chain and service providers to adopt the best practices and get their certifications via a public trail.
Optimizing the supply chain
In addition to helping consumers make informed purchases, the improved transparency in supply chains will also benefit farmers greatly. The agricultural industry’s supply chain is known to be extremely complex and opaque, as shipments change hands multiple times throughout their journey before reaching consumers. It is difficult for farmers to identify their product’s quantity of sale and price when it is eventually sold. The lack of these information puts farmers at a disadvantage, and a difficult position to negotiate order prices and quantities which are normally dictated by traders who take advantage of the discrepancy.
Using our platform will solve the imbalance by providing real-time information to all parties in the supply chain. Having this information will give power to farmers to negotiate better deals with distributors as they will be able to set their own prices and optimize the quantities of products they produce. Moreover, having an ongoing record of all participants in the ecosystem will make it easy for different participants to do due diligence on each other and conclude transactions swiftly with trust.
Timely payments without additional fees
Increasing the value of farmer’s goods and services is the first step to boosting their revenue, however, it will be for nought if not properly harnessed. Traditionally, it often takes weeks for farmers to get paid for their goods, and traditional payment options such as wire transfers can be quite costly. Through our platform, farmers will be able to receive their payments instantaneously through the use of ALTO tokens. Participants in the network are also able to make use of smart contracts that trigger payments automatically as soon as a certain condition is fulfilled (e.g. delivery of goods) — which can only happen through the use of blockchain technology. Another advantage of using ALTO tokens is the huge reduction in fees caused by middlemen which usually take up a huge portion of their profits.
We have named some of the improvements ALT-TOP’s platform and blockchain can bring to a farmer’s working environment. More importantly, our platform will be the bridge for the necessary change for our current agriculture landscape’s transition into a robust industry incorporated with the latest technology moving forward.
Be a part of ALT-TOP’s journey — improving the way your everyday commodities are harvested and sold. Participate in our token sale through our website. Like our Facebook page (ALT-TOP) to receive the latest updates or by joining our Telegram group (ALT-TOP) to check out what we’re all about!
