A London-based start-up firm, Binkabi, has declared its readiness to boost agriculture trading through its value-based block-chain technology.
The Chief Executive officer of Binkabi, Quan Le, made this known in Lagos during a business gathering tagged “Meet-up with Entrepreneurs”.
He said that farmers would leverage on the technology to make agriculture commodity trading fairer and more profitable.
Le noted that Binkabi is a decentralised commodity network for emerging market that changed food commodities to tokens would be redeemed for real commodities.
He affirmed that farming was a high risk and low profit occupation, a chronicle which the firm was poised to change.
According to the Chief Executive officer, there are complex cross-border agriculture supply chains beset by lack of trust, poor financial and market infrastructure.
“There is lack of coordination among market actors and opaque legal enforcement in the traditional agriculture supply chain in Nigeria, leading to wastage of many agricultural produce. Binkabi, therefore, came up with the aim to solve these problems, by creating a platform that provides a direct link between farmers and consumers, eliminating the middleman.” He said.
He said that anyone could trade on agriculture commodities using Binkabi tokens and the more one traded, the more discounts the person would get.
Le further stressed that that farmers would be rewarded instantly, as they sold their goods through an online wallet, which was decentralised from block-chain.
The CEO assured that Binkabi would ensure that the quality of agricultural produce posted to their network meets global standards.