Farmers Turn to Tokenized Assets in Argentina Amid Tumbling Peso

Blockchain-based tokenized agriculture is providing some relief for farmers in Argentina battling with a collapsing Peso. Crypto and blockchain adoption appears to be gaining ground in the country as the economic condition continues to worsen.

Agro-backed Tokens Offering a Hedge Against Inflation for Argentinian Farmers

According to Forbes, farmers in Argentina are turning to blockchain and tokenized assets to counter the effects of rising inflation exacerbated by the ongoing coronavirus pandemic. Indeed, the agricultural sector is one of the adoption areas for the novel tech in several countries around the world.

Argentina accounts for over 40 percent of the global soy-meal and soybean oil production. Now, blockchain is providing an opportunity for farmers to tokenize their physical assets bringing much-needed liquidity to the market. These blockchain-based assets allow farmers to hedge their risks with financial titles accepted by investors both within and outside Argentina.

Indeed, agro-backed tokens have been known to offer significant solutions to issues of liquidity and volatility in the agriculture sector. Farmers in developing countries are often able to access tokenized assets to generate investment channels across the market.

Companies like CoreLedger are taking things a step further by creating further monetization channels for the emerging agro-based tokenization market. The blockchain startup recently partnered with Abakus to develop a peer-to-peer (P2P) marketplace that will allow farmers in Argentina to engage in the global digital barter economy.

The planned P2P marketplace will reportedly create avenues for farmers to trade their tokenized assets. Participants will also be able to exchange their digital agro-based assets for other digital tokens on the Abakus platform.

Commenting on the importance of tokenized assets for farmers, CoreLedger CEO Johannes Schweifer remarked:

“In an inflation-stricken country, access to physically-backed assets can be the difference between surviving and thriving for these farmers. the tokenization of agricultural assets brings greater agency to farmers who can now sell the physical-backed assets according to their own needs.”

Expanding Intersection of DLT and Agriculture

Decentralized ledger technology (DLT) is seeing increasing utilization in the agriculture industry with some of the focus being on provenance and supply chain. The immutable nature of blockchain records offers a tantalizing use case of the novel tech in an industry where quality is a major consideration among market participants.

As previously reported by BTCManager, IOST has partnered with agro-based startup Blocery to streamline the agriculture supply chain. The U.S. Department of Agriculture is also reportedly exploring the utilization of DLT for supply chain-related issues as well.

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Brandmark Uses Blockchain Technology to Track Farm Products From Farm to Store

Brandmark, an Israeli-Japanese startup, utilizes blockchain technology to assist food manufacturers in showcasing their products’ source. It provides customers with transparency by telling them about the ingredients, where they came from, and their process.

Blockchain Technology in Agriculture

Brandmark is a joint venture between Japanese blockchain technology giant EMURGO Ltd and Israel-based Blackbird Ventures.

Blockchain technology is revolutionary in terms of a high level of security. It is a distributed ledger allowing controlled information exchange between many organizations. The blockchain replicates the database identically across all participating stations and thus verifies correctness across the network.

If a node in the network reports something different, the other nodes will not accept this difference and signal a mismatch. Bitcoin – often associated with blockchain – is a blockchain implementation in currencies, but many uses for the technology.

According to Michael Bar-Zeev, vice president of business development at Brandmark, the new platform will help customers view how products are made and provide them with factual evidence of how the effect was achieved to the endpoint of sale. All of these details can be gathered from the product barcode, which can then be scanned with a smartphone, he added.

As supply chains have become global over the years, the ability to track the history, production processes, and location of products and services has become essential. It not only helps gain customer trust but also helps the company gain a competitive edge.

Besides, environmental and social concerns emphasize the need to provide information on the manufacture of products, the carbon content released during the production process, and the possible use of child labor. Products can gain consumer confidence by providing material sources, quality control procedures, and certification labeling data.

Brandmark Growing Clientele

Brandmark’s top customers include Israeli cosmetics company Ahava, an Indonesia-based coffee machine, olive oil producer, and fast-food giant McDonald’s, which uses the technology to track vegetables used in its stores.

The startup also has clients such as Burger King, Nestlé S.A., Cannabis Hydro Shop, and Angel Bakeries.

According to Bar-Zeev, Brandmark’s advantage lies in its strong blockchain roots and its sole focus on the platform. aHe said that they benefit from coming from the field because they come from the blockchain, not just getting into the area. After all, he added, the competition is fair, and there is so much work that no agency can handle that amount of work.

According to the cannabis maker, drug and cosmetic companies are potential targets for Brandmark’s latest offerings. In the future, carmakers, tobacco producers, and textile producers can all be added to a company’s customer list.

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