Firm targets profitable agric-commodity trading with blockchain
Considering the challenges in agric supply chain in Nigeria, thus leading to wastage of many produce, Binkabi, a London-based start-up, that tokenize agricultural commodities using Blockchain Technology (BT) has said that it would boost agriculture trading in the country through BT.
The firm, which aims to solve this problem has created a platform that creates a direct link between farmers and consumers, eliminating the middlemen and enabling farmers to make good profits from their produce while ensuring that consumers get produce at a wholesale price.
The Chief Executive Officer, Binkabi, Quan Le, said this during a meet-up with entrepreneurs recently in Lagos, reiterating that the firm’s technology would be leveraged to make agriculture commodity trading fairer and more profitable.
According to him, the tokenized agriculture commodities being used on BT, has played key roles in propelling growth in emerging markets.
He maintained that farming was a high risk and low profit occupation, and the firm was determined to change that narrative.
He stated that there are complex cross-border agriculture supply chains affected by lack of trust, poor financial and market infrastructure.
His words: “There is lack of coordination among market actors and an opaque legal enforcement in the traditional agriculture supply chain. These challenges of supply chain in Nigeria have led to the wastage of many agricultural produce.
“Binkabi, therefore, came up with the aim to solve these problems, by creating a platform that provides a direct link between farmers and consumers, which eliminating the middlemen.
“Consequently, farmers would make good profits from their produce and consumers will get produce at a wholesale price, and both parties win. With the ‘Commodities 3.0 System’ that we present, farmers can trade their produce easily and quickly, reducing excessive middlemen in the cross-border, he said.
Le, reiterated that Commodities 3.0 System, would eliminate inefficient paper-based processes which slows down trading, and results to food wastage.
He maintained that anyone could trade on agriculture commodities using Binkabi tokens and the more one traded, the more discounts the person would get.
He said that farmers would be rewarded instantly, as they sold their goods through an online wallet, which was decentralised by BT and assured traders that with the legal protection that the firm provided, there would be no room for fraudsters.