Block Commodities, an African-based blockchain commodity trader, has partnered with agricultural produce supplier Pure Grow to promote farming in Uganda.
Together the two companies will build a call center to support an initial 1,000 farmers who will form the projects pilot test group. Using a mobile app developed by the team, farmers will be introduced to cryptocurrencies and the benefits provided by blockchain technology.
The partnership will also oversee the formation of a ‘fertilizer swap’ initiative and develop protocols for logistics and warehouse management. If the pilot phase is successful, Block Commodities and Pure Grow hope to roll out the scheme to a further 50,000 farmers across various African nations.
In a recent press release, Block Commodities executive chairman Chris Cleverly spoke of his enthusiasm for the venture:
I am delighted to partner with Pure Grow Africa to push forward our ecosystem project and support smallholder farmers to grow production.”
Many of the supported farmers have no traditional bank accounts or access to financial aid like loans and credit. Through digital asset distribution, the collaboration will provide them with a new-found financial freedom and access to an emerging global economy.
The initiative is a perfect example of how well-implemented blockchain projects can benefit both local communities and help grow cryptocurrency adoption. The African agricultural market is on course to see a valuation of $1 trillion dollars by 2030, according to data from the World Bank.
Popular blockchain and cryptocurrency project Cardano has also recently announced its interest in supporting emerging African economies. During a recent interview in South Africa, Cardano found Charles Hoskinson spoke of his vision for Africa and how blockchain technology can transform the lives of low-income and unbanked citizens.