Cryptocurrencies

The Potential Revolution of Agriculture Through DePIN Technology

Farmsent and Peaq blockchain partnership aims to empower farmers in agriculture and enhance global food trade transparency using DePIN technology.

Farmsent has teamed up with Peaq, a blockchain specializing in decentralized physical infrastructure networks (DePIN) to transform the agricultural sector. This partnership aims to disrupt the traditional agricultural supply chain, fostering a transparent, global food commodity trade. With over 160,000 farmers already participating in Indonesia and Colombia, this collaboration signifies a significant leap towards empowering farmers and connecting them with businesses across the globe.

Farmsent leverages Peaq’s blockchain technology as its foundational layer to build a Web3 marketplace. This digital platform directly links farmers with consumer-facing businesses, eliminating the need for centralized intermediaries. The initiative promises reduced costs for all stakeholders and enhanced transparency throughout the supply chain.

The Role of DePIN in Agriculture

The integration of DePINs introduces a novel approach to monitoring and ensuring the quality and origin of agricultural products. These networks utilize sensors to provide real-time data on crop conditions, including soil moisture, pH levels, and humidity, empowering farmers with the information needed to make informed decisions, optimizing crop health and yields. Additionally, it offers consumers valuable insights into the food they purchase, such as farming practices, origin, and growth methods, enabling them to make conscious choices about their food consumption.

The global food trade landscape reveals a pressing need for innovation. Despite their critical role, farmers often receive a disproportionately small portion of the market’s value. Farmsent addresses this issue by facilitating direct interactions between farmers and consumers, bypassing traditional middlemen. The platform, still in its beta phase, currently tracks the trade of coffee, avocados, and palm sugar among Indonesia, Colombia, the United Arab Emirates, and the United States. Farmsent is also in the process of securing additional licenses to expand its operations.

Scaling and Security

As Farmsent extends its reach and connects with more participants, the volume of data and transactions within its network may increase significantly. Storing vast amounts of data from sensors, farms, and partners poses a challenge, especially on conventional blockchains known for their high costs. Peaq’s blockchain was selected for its scalability and cost-effectiveness, essential qualities for managing the anticipated surge in data and transactions.

Peaq has attracted attention with its recent $15 million Series A funding round, led by Generative Ventures and Borderless Capital, highlighting its growing influence in the blockchain space. The network’s past collaborations include projects with Bosch and a decentralized Web3 ride-sharing initiative featuring 100 Teslas, demonstrating its versatility and potential for transformative projects.

Ensuring the security and privacy of the vast amounts of data handled by Farmsent is paramount. The platform gathers information from various sources, including manual entries by authorized personnel, Internet of Things (IoT) sensors monitoring conditions throughout the supply chain, and data from third-party logistics partners. To protect this sensitive information, Farmsent employs Peaq’s decentralized identifiers (DIDs), providing a secure method for data verification and controlled access without compromising privacy.





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