Agrichainx : Democratizing Agriculture Data using Blockchain
One in four people in the developing world suffers from undernourishment. Despite this chronically widespread hunger, 30% to 40% of local food produced is lost or wasted. More than 2.5 billion of the world’s adult population does not have access to even simple financial services.
One organization headquartered in Ondo, Nigeria has taken the moral responsibility to bring the change since “If you eat food, you are involved in agriculture”.
Agrichainx designs blockchain-based solutions which have
empowered farmers by simplifying their access to wider global markets via mobile platforms and to financial services via API linkages with local banks and financial institutions
Their solutions support a high standard of integrity within the agricultural value chain by improving transparency and information flows. The application also allows farmers to access a wide range of information including relevant weather information, seed provenance, fertilizers used and crop location. Their concepts and programs aim to improve the income/ quality of life of smallholder farmers, support several United Nations Sustainable Development Goals and boost local economies.
A.G.M Otoaye, Founder & CEO
Making new inroads in the Agriculture Sector
A.G.M Otoaye, a motivational speaker, author, entrepreneur and investor. C.E.O GLOBIT, Blockchain & Cryptocurrency Enthusiast and Consultant.
Otoaye Godfrey is an innovative serial entrepreneur with interests in tech and start-up developments.
He is also a specialist in management, business development, project management and consulting, the renowned entrepreneur is an advocate for financial and entrepreneurship education.
He is also a social media strategist, a global commentator, a political and an economic analyst.
As a seasoned tech researcher, he has carried out several research in Big Data, AI, IOT, Cybersecurity, Cloud Computing and now Blockchain.
In the blockchain space, he has been educating and helping clients, partners, followers to understand the relevance and composition of the blockchain technology. Godfrey is a blockchain consultant, developer and analyst, a voracious learner with a knack for explaining complex concepts in simple terms. He aims to be the leading voice in Blockchain and Cryptocurrency in Africa.
Godfrey has a diploma in Computer and Mathematics, B.Eng in Chemical Engineering at A.B.U Zaria and MSc in Digital Currency at Nicosa University, Cyprus.
Digital title to Agri-food
Agrichainx’s product offering is based on the underlying blockchain technology and includes the following features:
Digital Identity: Farmers and the other players in the supply chain, are able to easily register and create a profile by providing key information and are provided with a unique digital identification number. This allows each farmer to be recognized as a key player in the supply chain, with better access to financial services, insurance providers, logistics and other services.
Assets (like rice or coffee, for example) can be digitized through tokenization, which creates liquidity, supports peer-to-peer trade and increases the value of agricultural commodity markets through the participation of key members.
Immutable Data: Built on distributed ledger technology (DLT), the platform provides immutability to the stored information. This creates trust, transparency, and traceability throughout the whole value chain.
Record Keeping & Access to Financial Services: Farmers can use their digitized ledger for better record-keeping and proof of income. This makes it easy for farmers to access supply chain finance, loans, and other financial services. They can prove income as well as expected future profits.
Digital Wallet: Financial transactions from buyers to farmers will be implemented, increasing the speed by which farmers receive payments for their commodities and improving efficiencies through the whole supply chain. The digital wallet will allow farmers to apply and receive direct deposit from financial institutions.
A hope for a fruitful era
Agrichainx’s product roadmap includes the development and deployment of a Software-as-a-Service (SaaS) enabled marketplace. This will be a communications and order management platform which will help source food between suppliers and retailers in the foodservice industry. The platform will digitalize current sourcing behavior, enabling a personalized buying experience through data analytics and machine learning. The timeline for delivery of this exciting full product functionality is currently the first quarter of 2020. To support such a solution, the firm is focussed on creating a local presence. On the supplier side, they expect the involvement of farmers, wholesaler, and vendors. On the buyer side, their clients will be restaurants, hotels, caterers and supermarkets. It will have a local support team for both the sales and operational requirements in the geographies that they will operate in.