Nigeria has fertile lands that encourage agriculture and once ran an agro-economy. London based Fintech, Binkabi hosted a meet-up on leveraging Blockchain Technology for agriculture on Wednesday, 30th May, in the city of Lagos. The educational and enlightening event was tagged “Blockchain Technology for Agriculture”.
Chief Economist of Binkabi, Dr. Andrew S. Nevin and CEO, Quan Lee was live at the event where they talked about the blockchain technology and how they can move the agricultural sector forward in
Agriculture trading. They also spoke about tackling challenges in the agricultural supply chain with the use of a tokenized and
decentralised commodity trading platform. This method will be most useful in countries like Nigeria and developing economies across the world.
Binkabi is trying to play a key role in cross-border supply chain challenges faced by emerging markets. These challenges include poor market infrastructure and lack of finance, no coordination among key players, and lack of trust. The company explained in a statement,“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 meetup which held at CcHub in Yaba,Lagos is one of such events that strives for inclusion of all sectors on the blockchain. With Barter Block, a blockchain-based cross-border agricultural trading platform Binkabi is developing, we can anticipate a world of fair trade system for people on the Binkabi network. The Barter Block system will allow its users conduct physical commodity trading directly in a secure, cost-effective and decentralised manner using blockchain technology.
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