FarmTech, an innovative Web3 marketplace that provides farmers with advanced facilities through DePIN (Decentralized Physical Infrastructure Networks), has unveiled its partnership with the Peaq ecosystem. This partnership is a shift toward decentralizing the food supply chain, moving the essential industry away from being highly centralized.
This integration is on the verge of revolutionizing the agricultural industry altogether by activating farmers who have historically been left behind the global supply chain. At Farmsent, the farmers can use their platform to skip around the regulations brought by centralized entities, hence ensuring that they are reimbursed fairly for their labor and produce.
The impact of this partnership is more than the farmers’ immediate benefits because of its far-reaching consequences. From the humble beginning to over 160,000 farmers, the platform has completed several food shipments. It is now leading agriculture to the Web3 sphere.Â
Through Peaq’s platform, the initiative calls on the community to be actively involved in the evolution of future agricultural practices and supply chain management. This era is upon us, and we are proudly its pioneers.
The essence of Farmsent’s initiative comes from the obvious gaps in the current food trade arrangement. To begin with, coffee farmers receive a considerable fraction of the revenue share from consumer purchases, illustrated by the meager 1% that reaches their pockets from the $4 cup of coffee sale. This institutional inefficiency leads to rising food insecurity worldwide, thus underscoring the extreme urgency of reform.
Farmscent’s solution is to create a Web3 global marketplace directly connected to farmers and retail business entities, cutting the need for intermediaries. Also, implementing a DePIN of sensors will contribute to the tracking of product quality as well as provenance, increasing transparency and reducing costs throughout the supply chain.
So far, Farmsent already has many farmers from Indonesia and Colombia on board and is extending its operations to new countries. The platform that is being developed has already made it possible to trace coffee beans, avocado, and palm sugar freight between Indonesia, Colombia, the UAE, and the USA.
Following its engagement with Peaq, Farmsent will employ Peaq IDs to manage identities on its ecosystem and equip farm and supply chain devices with these IDs to ensure safe data upload onto the Peaq blockchain. Smart contract deployment on Peaq will back up the global food traceability system of the Farmsent system, which will introduce a token-based award system, too; it will help increase people’s participation in the DePIN.
This project shows how Web3 may eliminate the impediments that have been undermining the international trade in food. By giving farmers both the means to circumvent centralized authority and by supporting the visibility of food supply, Google will be the champion in the world of combating global food insecurity and permitting access to high-quality and affordable produce across the globe.
Yog Shursti, the co-founder and CEO of Farmsent, and Till Wendler, the co-founder of Peaq, bring to the fore the mapping of the role of DePIN in agriculture and its effectiveness and quality of produce that will overcome food lack globally at a cost-efficient price. This collaboration leads to important changes in the agricultural landscape and promotes the growth of a fairer and greener food system.
Credit: Source link
