Blockchain companies want to permanently change Africa’s agriculture

nBuzz Comments: Mineral investment firm African Potash Ltd will work with FinComEco, the exchange group GMEX, to develop a blockchain-based platform for the agricultural markets in sub-Saharan Africa. Use blockchain to build a “supply and demand system” to connect both buyers and sellers of agricultural products to improve their productivity while obtaining better sales prices. Moreover, the Company will provide new farmers with small loans below the local interest rate, democratize funding channels and stimulate local consumption growth.n
nTranslation: Annie_Xun
A new company plans to use blockchains to change the lives of millions of African farmers.n
African Potash Ltd, a mineral investment company, will work with FinComEco of the Global Markets Exchange Group International (GMF) to develop a blockchain-based platform for the agricultural markets in sub-Saharan Africa.n
African Potash in London said:n
nThe “supply and demand system” will connect smallholders and traders with brokers and buyers to help them increase their productivity and get better prices.n
nAfrican Potash, which plans to change its name to Block Commodities Ltd., shares in the NEX exchange rose 16.7% after the statement. The share price of some British companies that welcome the blockchain has also picked up in recent weeks.n
The new company will provide system users with a 12% interest on small loans, half the amount that farmers in the region are forced to pay occasionally. All supply chain financing and transaction records are done via blockchain.n
Hirander Misra, GMEX founder and CEO, said at the company’s Mauritius base by telephone:n
n”The biggest obstacle for small farmers in sub-Saharan Africa is funding.” He expressed the hope that this project will democratize the funds in the area and stimulate the growth of local consumption.n
nPrior to the acquisition of the GMEX exchange and the post-trade technology subsidiary in 2016, Societe Generale S.A. and Deutsche Boerse AG both held GMEX shares.n

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