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How DePINs are connecting farmers and businesses via blockchain

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With more than 160,000 farmers already onboarded in Indonesia and Colombia, Farmsent taps the Peaq blockchain as its layer-1 backbone to revolutionize the global food commodity trade.

In a bid to revolutionize the global food commodity trade and empower farmers, farmer-centric blockchain Farmsent has revealed a new partnership with the layer-1 decentralized physical infrastructure network (DePIN)-focused blockchain, Peaq.

The collaboration, announced on April 9, marks a step forward in Farmsent’s goal of decentralizing the agricultural supply chain to enhance transparency in the global food trade and build a global Web3 marketplace that connects farmers directly with consumer-facing businesses worldwide.

By leveraging a DePIN of sensors to track product quality and provenance, Farmsent claims it can eliminate centralized intermediaries and reduce costs for all stakeholders, all while ensuring transparency across the supply chain.

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Cointelegraph talked to Yog Shusti, the co-founder and CEO of Farmsent, about the use case of DePINs in the agricultural sector.

Connecting commerce

Shusti called Farmsent’s DePIN use case “particularly exciting for agriculture” because the technology is leveraged to benefit farmers and consumers.

“It provides farmers with secure digital identities for better market access but also empowers them with real-time data about their crops. This includes crucial details like soil moisture, pH content, and humidity.”

He said this information allows farmers to make “data-driven decisions” to optimize crop health and yields. Meanwhile, the DePIN system allows consumers to access information about the food they purchase:

“This could include details about the farm’s practices, the origin of the food, and how it was grown. It empowers consumers to make informed choices about the food they put on their tables.”

Currently, the state of the global food trade highlights the urgent need for change. Farmers, despite being the backbone of the industry, often receive a disproportionately low share of the value captured in the market.

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Scaling for the world

According to Farmsent, it plans to address this by bypassing traditional intermediaries and enabling direct transactions between farmers and consumers and already has over 160,000 farmers onboarded in Indonesia and Colombia.

The platform, currently still in beta, is being used to track coffee, avocados and palm sugar between Indonesia, Colombia, the United Arab Emirates — where it already has a license to operate — and the United States. Farmsent said it is currently working on securing three additional licenses.

Shusti said that storing large amounts of data from sensors, farms and partners can become expensive on traditional blockchains:

“As Farmsent expands its reach to new markets and connects with more farmers and consumers, the volume of data and transactions within the network will inevitably surge.”

Therefore, he said that Peaq was chosen for its ability to cost-effectively store data and scale at large. The Peaq network has been gaining traction, and it recently secured $15 million in a Series A round led by Generative Ventures and Borderless Capital.

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In the past, it has worked on DePIN projects alongside major companies such as Bosch and even worked to tokenize 100 Teslas in a decentralized Web3 ride-sharing initiative across Europe.

Data and security 

Handling the transactions and data of farmers and business owners worldwide is not only a big feat for scaling purposes but also in keeping all that information safe and secure.

According to the Farmsent CEO, its DePIN network gathers information from three sources. In one, it is entered by humans and then validated. Information on farm practices, harvest details and initial processing can be manually entered by authorized personnel and validated for accuracy.

It can also be collected through Internet of Things (IoT) sensors placed throughout the supply chain (farms, storage facilities, transport) that can continuously monitor conditions like temperature, humidity and freshness.

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Lastly, data is procured from third-party partners like logistics companies that provide data relevant to transport and storage conditions.

To keep this data secure, Shusti told Cointelegraph that Farmsent leverages Peaq decentralized identifiers (DIDs) to enhance data privacy further:

“DIDs act like unique identifiers on the blockchain that can be linked to data without revealing the actual data itself. ”

He said that this allows for data verification and controlled access while protecting sensitive information.

Till Wendler, the co-founder of Peaq, said this use case within the agriculture industry is not just exciting but also one of the “most important ones” due to its promise to push back global food insecurity and “deliver cheaper and more quality produce to people around the world” — and in a secure manner.

Source: cointelegraph.com

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The post How DePINs are connecting farmers and businesses via blockchain appeared first on HIPTHER Alerts.

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Bybit Expands bbSOL Yield Opportunities Through Strategic DeFi Partnerships

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This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

The post This Week in Finance News: 11 Stories You Need to See appeared first on .

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Blockchain

Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR

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