Farmsent, a blockchain platform focused on empowering farmers and revolutionizing the global food commodity trade, has announced a new partnership with Peaq, a decentralized physical infrastructure network. This collaboration represents a significant step towards Farmsent’s goal of decentralizing the agricultural supply chain and creating a transparent global food trade marketplace that connects farmers directly with consumer-facing businesses worldwide.
By utilizing a network of sensors called DePINs, Farmsent aims to track product quality and provenance, eliminating the need for centralized intermediaries and reducing costs for all stakeholders. The use of DePINs in the agricultural sector is particularly exciting as it benefits both farmers and consumers. Farmers can make data-driven decisions to optimize crop health and yields, while consumers gain access to information about the food they purchase.
The current state of the global food trade underscores the urgent need for change. Despite being the backbone of the industry, farmers often receive a disproportionately low share of the market value. Farmsent plans to address this issue by bypassing traditional intermediaries and enabling direct transactions between farmers and consumers. The platform already has over 160,000 farmers onboarded in Indonesia and Colombia, with plans to expand further.
Farmsent has chosen to partner with Peaq due to its ability to cost-effectively store large amounts of data and scale at a large level. Peaq has recently secured $15 million in a Series A round and has a track record of successful projects, including collaborations with major companies like Bosch.
The security of transactions and data is a crucial aspect of Farmsent’s operations. The platform gathers information from multiple sources, including manual entries by authorized personnel, data collected from IoT sensors placed throughout the supply chain, and relevant data from third-party partners like logistics companies. To ensure data privacy and security, Farmsent leverages Peaq decentralized identifiers (DIDs), which enable data verification and controlled access while protecting sensitive information.
Till Wendler, the co-founder of Peaq, believes that this use case within the agriculture industry is not only exciting but also one of the most important ones. It has the potential to address global food insecurity and deliver cheaper and higher-quality produce to people around the world in a secure manner.
In conclusion, Farmsent’s partnership with Peaq brings us closer to a decentralized and transparent agricultural supply chain that benefits farmers and consumers alike. By leveraging innovative technologies, Farmsent aims to empower farmers, reduce costs, and enhance the global food trade.