To transform the international food commodity market and boost power for farmers, the farmer-oriented blockchain platform Farmsent announced a fresh collaboration with the layer-1 DeFi-centric blockchain Peaq.
On April 9, Farmsent revealed plans for a new partnership, signifying progress towards their objective of making the agricultural supply chain more decentralized. This move aims to increase transparency within the global food trade and create a Web3 marketplace where farmers can connect directly with businesses around the world that deal with consumers.
Using a decentralized network of sensors for product tracking in agriculture, as proposed by Farmsent, has the potential to remove the need for intermediaries and lower costs for all involved parties. This approach also guarantees supply chain transparency.
The agricultural sector is where Farmsent’s co-founder and CEO, Yog Shusti, shared with CryptoMoon the potential applications of DePins (Digital Perpetual Input-Output Swaps) according to Farmsent.
Connecting commerce
Shusti found the DePIN use case of Farmsent especially intriguing for agriculture as it brings advantages to not only farmers but also consumers through the application of this technology.
“It provides farmers with secure digital identities for better market access, but also empowers them with real-time data about their crops. This includes crucial details like soil moisture, pH content, and humidity.”
For farmers, this data gives them the ability to make informed decisions based on facts to enhance crop growth and productivity. As for consumers, the DePIN system offers them the chance to obtain details regarding the food they buy.
“This could include details about the farm’s practices, the origin of the food, and how it was grown. It empowers consumers to make informed choices about the food they put on their tables.”
At present, the international food market reveals how pressing it is for transformation. Despite playing a crucial role as the foundation, farmers frequently receive an unfairly small percentage of the market’s worth.
Scaling for the world
Based on Farmsent’s announcement, they aim to resolve this issue by facilitating direct interactions between farmers and consumers, eliminating the need for traditional intermediaries. Currently, more than 160,000 farmers in Indonesia and Colombia have joined their platform.
The platform, which is currently in its beta stage, is being utilized to monitor the transportation of coffee, avocados, and palm sugar between Indonesia, Colombia, and the UAE, where it has already obtained a license. Farmsent is actively pursuing obtaining three more licenses at present.
The cost of storing vast quantities of data from sensors, farms, and partners can add up on conventional blockchains, according to Shusti.
“As Farmsent expands its reach to new markets and connects with more farmers and consumers, the volume of data and transactions within the network will inevitably surge.”
He explained that Peaq was an ideal choice due to its affordable data storage capabilities and scalability for larger applications. The Peaq network has seen significant growth following the successful completion of a $15 million Series A funding round, which was spearheaded by Generative Ventures and Borderless Capital.
Previously, we collaborated with prominent businesses like Bosch on DePIN projects, and we played a role in decentralizing the ownership of 100 Tesla vehicles through a Web3 ride-sharing platform spanning Europe.
Data and security
Managing the financial transactions and data of farmers and businesses globally is a significant undertaking due to its vastness, as well as the importance of ensuring the security and protection of this sensitive information.
The Farmsent CEO explained that their DePIN network collects data from three different types of sources. In one instance, this data is provided by people and subsequently verified for accuracy. Details about farming methods, harvest information, and initial processing can be manually inputted by authorized personnel before undergoing validation checks.
IoT sensors positioned along the supply chain at farms, storage units, and during transportation can likewise gather real-time data on factors such as temperature, humidity, and freshness.
In addition, data is acquired from external sources such as logistics businesses, supplying us with information concerning transportation and storage specifics.
Shusti explained to CryptoMoon that they use Peaq Decentralized Identifiers (DIDs) to boost data security and privacy.
“DIDs act like unique identifiers on the blockchain that can be linked to data without revealing the actual data itself. ”
This statement enables data confirmation and regulated entry, all while safeguarding confidential details.
Till Wendler, Peaq’s co-founder, finds this application in agriculture particularly significant. It holds great potential for addressing global food insecurity by providing affordably priced, high-quality produce to communities worldwide, all while ensuring safety and security.
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2024-04-09 12:05