Binkabi to host a meet-up on Blockchain Technology for Agriculture in Lagos
Sources report that the meet-up will be an educational and networking platform. Chief Economist of Binkabi, Dr. Andrew S. Nevin and CEO, Quan Le will be talking at the event. They will talk about countering challenges in the commodity supply chain using tokenised, decentralised commodity trading platform. Especially in countries like Nigeria, Africa, and developing economies across the world.
The statement released by the company noted that commodities play a key role in driving the growth of emerging markets. But cross-border supply chains face trust issues, poor financial and market infrastructure, no coordination among key players, and non-transparent legal enforcement.
The statement read,
Binkabi seeks to address these challenges by leveraging blockchain technology to enable direct, secure, and cost-effective physical commodity trading.
“Specifically, blockchain-based trading can help remedy an overreliance on the United States dollar as a trade settlement currency, reduce excessive middlemen in the cross-border trading process, and eliminate inefficient paper-based processes. One offshoot would be that source countries retain more value for the foods they grow and more profits are returned to farmers and SMEs, who bear the brunt of commodity price shocks. The Lagos meet up will be from 5pm – 8pm at CcHub in Yaba, Lagos.”
Binkabi is developing a blockchain-based cross-border agricultural trading platform called Barter Block. They aim to “reimagine” global trade and create a more “fair and affluent” system for people on the Binkabi network.
Barter Block works towards empowering people in developing countries to trade securely and cheaply with each other.
It allows for physical commodity trading directly in a secure, cost-effective and decentralised manner using blockchain technology. Through the platform automatic balancing of bilateral trade is incentivised. This ensures that countries can trade internationally using their local currencies.
Developing markets can balance current accounts and preserve hard currencies through the Binkabi platform. This ensures trading barriers are lowered, intermediary costs are cut, and transparency and traceability in the food supply chain is improved. Thus the farmers will farmers will get more profits than before.
Other than Binkabi, several organizations in other countries are working on Blockchain solutions for agriculture. The Indian PM, Shri Narendra Modi has urged youngsters to look into Blockchain and AI based solutions for agriculture in India. A Mexican Habanero pepper farmer has introduced a cryptocurrency called “Agrocoin” in 2017 to boost the Habanero business in Mexico. Another cryptocurrency Cardano is collaborating with Ethiopia to put agriculture on the Blockchain.