Blockchain technology is set to help transform the continent’s agricultural trading sector.
At a recent agricultural conference in Lagos, London-based startup Binkabi unveiled its Commodities 3.0 System, according to a Ventures Africa report.
The system ‘tokenises’ agricultural commodities via blockchain technology to boost trading. As this eliminates the middleman and creates a direct link between farmers and consumers, Commodities 3.0 has the potential to create fairer agricultural commodity trading, enabling consumers to purchase produce at wholesale prices, and prevent wastage due to the inability of supplying the market timeously.
‘Consequently, farmers would make good profits from their produce and consumers will get produce at a wholesale price,’ says Binkabi CEO Quan Le. ‘Both parties win.’
