African Farmers Will Very Soon Enjoy The Development In The Bitcoin World
African Farmers Will Very Soon Enjoy The Development In The Bitcoin World
Africa's economy is largely determined by its agricultural offerings. Many farmers are unable to benefit from the progress in their industry.
This money deficiency, which causes a distinct lack of technologies, has drastically slowed down the growth of these farms. Most farmers rely on rainfall that is just to sustain their crops as they can't afford to take steps, like installing irrigation systems.
This money deficiency, which results in a distinct lack of technology, has drastically slowed down the development of these farms. As they can't afford to take steps, like installing irrigation systems, most farmers rely on rainfall that is just to sustain their crops.
But, blockchain technology could provide a solution.
London-based mineral investor, African Potash Ltd, will be teaming up with Global Markets Exchange Group International's (GMEX), FinComEco, with an intention to create blockchain-based platforms to enhance the lives of those farmers.
The venture hopes to change this through their revolutionary supply-to-demand initiative. African Potash Ltd, which will change their name said that these platforms will connect to increase efficiency and productivity and traders.
This is vital in changing the present picture of farming in Africa. Despite the fact that the continent provides a tropical climate and fertile lands, it reliant on importing products, and worryingly, is getting increasingly.
Farmers using the platform are also able obtain funding through micro-loans at a speed of 12%. This is almost half of what if they do manage to navigate banking procedures, these farmers are expected to pay. These funds may be used for purchasing fertilizers pesticides and seed.
Blockchain technology will also help with supply chain aspects like recording financial and transactional details.
Misra expressed his hope that this new venture will equalize the fiscal situation in the region. This in turn will increase local adoption. The success of the initiative will also enhance the quality of life for tens of thousands of farmers on the continent.
The Two Société Générale and Deutsche Börse had both previously owned stakes in GMEX. This was before post-trade technology arm and its exchange has been sold in 2016.
