London-based start-up firm, Binkabi is set to boost agriculture trading through its blockchain technology in Nigeria.
During a meet-up with entrepreneurs in Lagos, the Chief Executive Officer, Mr Quan Le, revealed that the blockchain technology would be leveraged to make agriculture commodity trading more profitable.
Nigeria, according to him, has been experiencing high risk and low profit due to lack of trust, poor financial and market infrastructure in the agriculture sector.
However in the bid to solve the problem which has led to the wastage of agricultural produce, the firm came up with platform to directly link farmers to consumers eliminating middlemen.
“Consequently, farmers make good profits from their produce and consumers get produce at a wholesale price, and both parties win.
“With the ”Commodities 3.0 System” that Binkabi presents, farmers can trade their produce easily and quickly, reducing excessive middlemen in the cross-border,” he said.
Le said that Commodities 3.0 System would eliminate inefficient paper-based processes which slowed down trading, resulting in food wastage.
He said that anyone could trade on agriculture commodities using Binkabi tokens and the more one traded, the more discounts the person would get.
He further stated that farmers would be rewarded instantly, when they sell their goods through an online wallet, which is decentralised from blockchain.
He therefore assured traders that with the legal protection that Binkabi would provide, there would be no room for fraudsters.
He told consumers not to worry about the quality of agricultural produce, as Binkabi will ensure that the quality of agricultural produce meets global standards.
According to him, the platform would be officially launched in a few months, and participation is open to all at a low and competitive cost, with special benefits to the first traders.
He therefore encouraged traders to take advantage of the opportunity and be a part of the revolution as this would be the first of its kind in the world.