Binkabi, a London-based start-up firm said on Saturday that it was set to boost agriculture trading through its block-chain technology.
The Chief Executive Officer of Binkabi, Mr Quan Le, said during a meet-up with entrepreneurs in Lagos that such technology would be leveraged to make agriculture commodity trading fairer and more profitable.
According to him, the company is a decentralised commodity network for emerging market that changed food commodities to tokens which would be redeemed for real commodities.
Le said that agriculture commodities played a key role in propelling growth in emerging markets.
He said that farming was a high risk and low profit occupation, a narrative which the firm was poised to change.
According to him, there are complex cross-border agriculture supply chains beset by lack of trust, poor financial and market infrastructure.
“There are lack of coordination among market actors and opaque legal enforcement in the traditional agriculture supply chain.
“These challenges of supply chain in Nigeria have led to the 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.
“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.
The CEO said that farmers would be rewarded instantly, as they sold their goods through an online wallet, which was decentralised from block-chain.
He assured the would be traders that with the legal protection that Binkabi provided, there would be no room for fraudsters.
According to him, consumers also need not worry about the quality of agricultural produce, as Binkabi will ensure that the quality of agricultural produce meets global standards.
“The platform would be launched in a few months, and participation is open to all at a low and competitive cost, with special benefits to the first traders.
“Traders should try to take advantage of this great opportunity and be a part of this great revolution – the first of its kind in the world.
“The platform will promote an inclusive entrepreneurial ecosystem for Nigerians,” he said.