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.
What do you think about Binkabi? Share your opinion with us in the comment section below.
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.
Latest Episode on Inside Blockchain
Crypto News Update
Blue Chip NFTs: What are they and Why are they Popular?
NFTs came into the global market after the frenzy of cryptocurrencies with earlier projects like CryptoPunk in 2017. By 2021,...
Court Orders Liquidation of Three Arrows Capital
Three Arrows Capital has been ordered to be liquidated by a British Virgin Islands court. The liquidation of Three Arrows...
Iran to Roll Out Test Version of its CBDC; Crypto Rial
The Tehran government set to release crypto rial; Iran’s new digital currency. The test stage is slated to begin within...
The Harmony Horizon’s Bridge Feared Hacked for $100 Million
The Harmony network’s Horizon Bridge has been halted as it is suspected of being hacked for up to $100 million...
Move-to-earn: Get Rewarded For Your Everyday Activity on Actifit
Technology is transforming our daily lives; innovative technological solutions are having an impact on many aspects of life and living....