Blockchain
How DePINs are connecting farmers and businesses via blockchain
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.
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.”
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.
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.
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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Blockchain
Blocks & Headlines: Today in Blockchain – January 28, 2025 (EVIANCX, Abstract, Venice, KPMG, Hashgraph Group)
Blockchain technology and cryptocurrency continue to redefine industries worldwide, driving innovation and creating new opportunities. In today’s edition of “Blocks & Headlines,” we explore major developments across the blockchain space, highlighting new projects, partnerships, and emerging trends.
Blockchain as a Catalyst for Innovation
The blockchain industry’s transformative potential was the focus of a recent report detailing how decentralized technologies are driving innovation in finance, healthcare, and supply chain management. Blockchain’s transparency and immutability are key factors enabling its adoption across diverse sectors.
In particular, the report noted the technology’s ability to enhance trust and efficiency in processes, reducing costs while improving security.
Analysis: Blockchain’s role as a catalyst for innovation is becoming more evident as industries beyond finance embrace its capabilities. The growing interest underscores the need for continued research and development to unlock its full potential.
Source: Cape Gazette
EVIANCX Enhances Cryptocurrency Usage in Latin America
EVIANCX, a leading blockchain platform, has announced new initiatives aimed at increasing cryptocurrency adoption in Latin America. The company is rolling out solutions to address challenges such as accessibility and education, targeting both businesses and individual users.
By simplifying blockchain technology and expanding infrastructure, EVIANCX seeks to empower communities and drive financial inclusion across the region.
Analysis: Latin America’s growing interest in cryptocurrency is fueled by its potential to address issues such as inflation and limited access to traditional banking services. EVIANCX’s initiatives could significantly enhance the region’s blockchain ecosystem.
Source: GlobeNewswire
Abstract: A Consumer Blockchain for the Masses
The launch of Abstract, a highly anticipated consumer-focused blockchain, marks a significant step toward making cryptocurrency more accessible. Abstract aims to simplify blockchain use cases, offering tools and applications designed for everyday users.
By prioritizing user experience and scalability, Abstract is positioning itself as a gateway for mainstream adoption of blockchain technology.
Analysis: Abstract’s approach to consumer-centric blockchain solutions highlights the industry’s shift toward usability and mass appeal. Simplifying complex systems is crucial for bridging the gap between blockchain enthusiasts and the general public.
Source: PR Newswire
Venice Launches VVV Token to Bridge Blockchain and AI
Venice, a pioneering blockchain project, has unveiled the VVV Token, designed to integrate blockchain with artificial intelligence. The token facilitates data exchange between AI systems and decentralized networks, promising advancements in predictive analytics, automation, and decision-making.
The initiative also includes partnerships with tech companies focused on AI and machine learning, ensuring robust support for the token’s ecosystem.
Analysis: Venice’s innovative fusion of blockchain and AI represents a significant trend in tech convergence. By combining these technologies, the project aims to unlock new possibilities for intelligent, decentralized systems.
Source: CoinSpeaker
KPMG India Partners with Hashgraph Group to Drive Blockchain Adoption
KPMG in India has teamed up with the Hashgraph Group to promote enterprise adoption of Hedera’s distributed ledger technology (DLT). The partnership will focus on delivering blockchain solutions tailored to industries such as finance, healthcare, and supply chain management.
This collaboration aims to leverage Hedera’s high-performance DLT to address scalability and efficiency challenges faced by enterprises.
Analysis: Partnerships like this highlight the growing interest in enterprise-grade blockchain solutions. By collaborating with established firms, blockchain projects can accelerate adoption and address real-world business needs.
Source: PR Newswire
Key Trends and Insights
- Consumer-Centric Blockchain: The launch of Abstract underscores the importance of user-friendly solutions in driving mainstream adoption of blockchain technology.
- Blockchain-AI Convergence: Projects like Venice’s VVV Token highlight the potential of integrating blockchain with artificial intelligence to create smarter, more efficient systems.
- Regional Focus: EVIANCX’s initiatives in Latin America demonstrate the growing importance of localized blockchain solutions that address specific regional challenges.
- Enterprise Collaboration: Partnerships such as KPMG India’s collaboration with Hashgraph Group emphasize the role of established enterprises in accelerating blockchain adoption.
- Broader Adoption: Blockchain’s application across industries continues to expand, showcasing its versatility and potential to drive innovation beyond cryptocurrency.
The post Blocks & Headlines: Today in Blockchain – January 28, 2025 (EVIANCX, Abstract, Venice, KPMG, Hashgraph Group) appeared first on News, Events, Advertising Options.
Bybit Fintech FZE
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