Farmsent Partners with Peaq to Decentralize Global Food Trade Using DePIN

April 9, 2024 — In a groundbreaking move poised to reshape the landscape of global agriculture, Farmsent has announced its strategic partnership with Peaq, the leading layer-1 blockchain for Decentralized Physical Infrastructure Networks (DePIN) and Machine Real-World Assets (RWAs). This collaboration marks a significant step towards eliminating the middlemen and decentralizing the global food commodity trade, directly benefiting over 160,000 farmers in Indonesia and Colombia who are already part of Farmsent’s network.

Farmsent is revolutionizing the agriculture sector by constructing a global Web3 marketplace that connects farmers directly with consumer-facing businesses. The platform leverages an innovative decentralized network of physical sensors to ensure the tracking of product quality and provenance, thereby enhancing transparency and reducing costs across the supply chain.

“Today’s global food trade system is fundamentally flawed, disproportionately disadvantaging the very producers on whom we all rely,” commented Yog Shursti, Co-Founder and CEO of Farmsent. “By integrating Peaq’s robust layer-1 blockchain technology, Farmsent’s marketplace and DePIN empower farmers to circumvent the restrictive grip of centralized corporations, capturing more value from their hard work.”

The utilization of Peaq’s technology will enable Farmsent to incorporate self-sovereign identities for farms and supply chain sensors, facilitating seamless and secure data uploads to the Peaq blockchain. Additionally, Farmsent will deploy its smart contracts for global food traceability on Peaq and launch its native token on this platform, thereby powering its DePIN and catalyzing an economy centered around agricultural data.

“DePIN’s potential applications are vast, but its use in agriculture is particularly exciting and vital,” said Till Wendler, co-founder of Peaq. “Agriculture is a critical area where decentralized technologies can significantly contribute to combating global food insecurity and ensuring more equitable distribution of resources. We are delighted to support Farmsent in their mission to make quality food products more accessible and affordable worldwide.”

This partnership signals a transformative shift in how agricultural commodities are traded globally, promising enhanced profitability for farmers and reduced prices for consumers through a more transparent, efficient, and equitable marketplace.

About Peaq:

Peaq is a pioneering layer-1 blockchain platform designed as the ideal backbone for DePINs, catering to industries ranging from mobility and energy to agriculture and digital infrastructure. With over 250,000 devices, vehicles, machines, and robots powered by Peaq, the platform represents a new era of permissionless and borderless digital infrastructure that democratizes opportunities in the Age of AI and job automation.

About Farmsent:

Farmsent is a blockchain-based platform designed to enhance the economic standing of farmers by directly connecting them with buyers. Leveraging blockchain for transparency and security, Farmsent ensures that each phase of the food journey is traceable, promoting food safety and giving farmers more control and market access. By reducing reliance on traditional middlemen, Farmsent aims to boost farmers’ profits and provide consumers with fresher products.

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