The blockchain and other distributed ledger technologies have affected every industry; from aviation to health care. The technology is revolutionizing how we use and control our data, both on a micro peer-to-peer level and on a macro scale that shifts entire industries.
It’s no surprise then that agriculture, which is one of the largest markets in the world by capitalization, has shifted towards this emergent technology. Agriculture forms back of the backbone of our society, and without it, many developing nations would not survive or shift towards industrialization.
Some platforms have taken the initiative to help speed up the adoption of blockchain technologies in the agriculture sector by helping businesses communicate and deal with each other in a trusted environment.
What Is Agrikore?
Agrikore is a blockchain and smart contract marketplace platform for the agriculture sector in Africa. The platform is geared towards farmers, agriculture inputs providers, produce aggregators, insurance companies and more. This allows all of these entities to do business with each other in a trust environment by leveraging distributed ledger technology.
Agrikore by Cellulant is based on a blockchain ledger, which is a record of publicly-verifiable transactions that are immutable and permanently stored. The blockchain is used to foster more liquidity within the agriculture market, which extends throughout the value chain from supplier to customer. This system is controlled and structured from upstream actors directly to the farmers themselves.
How Cellulant's Agrikore Agriculture Blockchain Pay System Works
Agrikore claims to provide an efficient participation in the agriculture market for all agriculture market participants in Africa.
Agrikore helps to manage the digital identities of each player in the value chain, which ensures transparency and trust when making transactions. Digital identity management also helps to manage the flow of goods and services between users, stored on a public ledger.
The recording of each transaction on the Agrikore platform means that there is a clear and streamlined process for resolving disputes and other problems that may arise between parties. For example, if two parties become involved in an arbitration process to settle a dispute, one can clearly see the transaction and the agreed contract for a clear path to resolution.
In addition to storing each party’s digital identity and transaction history, Agrikore also provides a marketplace for sellers and buyers to trade. This marketplace also provides a suite of secure payment tools for instant and secure payment, to ensure that each party is fairly compensated for their goods and services.
Agrikore offers a number of different tools for parties in the agriculture sector to conduct business. These tools were designed to be easy and effective to use when combined with Agrikore’s distributed ledger technology.
Some of the tools include profile and identity management (KYC) for verifying the user’s identity and staying compliant with national and international laws. Supply management tools are also provided to ensure that vendors have the required stock at all times of the year.
Other tools are centered around account management, finance, and reconciliation.
It should be noted that all of the tools mentioned are based on the Agrikore platform.