April 9, 2024

Farmsent joins the peaqosystem

What is happening?

Farmsent, a Web3 marketplace and DePIN for farmer product supply chain tracking, joins the peaqosystem to decentralize the industry that feeds us all. 

Why is it important?

Farmers are on the receiving end in the value capture chain of the global food market, but Farmsent empowers them to break free from the chokehold of centralized middlemen and earn what they deserve.

What does this mean for the community?

With more than 160k farmers already onboarded and multiple food product shipments traced, Farmsent is bringing agriculture into the Web3 era — on peaq, enabling the community to be part of this sweeping change. 

Food trade is out of joint — and Farmsent’s here to fix it

Imagine you just paid $4 for a cup of coffee. How much of that goes to the farmer who grew the beans, any guesses? Yes, to the person who painstakingly grew the magical beans that the world runs on and sold them to one of the centralized megacorporations? If your answer was $0.04 — one percent — congratulations, you’re on point, feel welcome to celebrate it with a mug of black gold! Mind you, this pattern repeats itself across pretty much all farm-grown food products. No wonder global food insecurity is on the rise across the board.

The system is broken, and Farmsent is tapping peaq as its layer-1 backbone to fix it. Farmsent is building a global Web3 marketplace for farmers and retail businesses without centralized middlemen. Backing this marketplace will be a decentralized physical network (DePIN) of sensors for tracking product quality and provenance. This approach makes the global food supply chain more transparent. It also reduces the costs for everyone, from farmers, who get to earn more from their work, to regular shoppers who get cheaper prices.

At the current stage, the project has already onboarded more than 160,000 farmers from Indonesia and Colombia. The platform, currently in its beta, is used to track coffee, avocado, and palm sugar between Indonesia, Colombia, the UAE, where it is already licensed to operate, and the USA. Farmsent is working on securing three more licenses, including from a country with one of the world’s largest populations.

As part of its integration with peaq, Farmsent will leverage self-sovereign peaq IDs for identity management within its ecosystem. It will outfit farm and supply chain devices, such as soil quality sensors, with their own peaq IDs and enable them to upload data to the peaq blockchain. It will also deploy the smart contracts powering its global food traceability system on peaq and launch its token natively on peaq. These contracts will form the reward mechanisms that will power the Farmsent DePIN and unlock an entire economy of agricultural data.

“The global food trade system is broken, and Web3 is the cure that it so badly needs. The Farmsent marketplace and DePIN give farmers all they need to break free from the oligopolistic chokehold of centralized corporations, and peaq, with its set of Modular DePIN Functions and DePIN-friendly tokenomics, is the perfect home for Farmsent.”

— Yog Shursti, co-founder and CEO of Farmsent
“While the DePIN model’s reach stretches far and wide, agriculture is definitely one of the most exciting use cases. It is also one of the most important ones due to its promise to push back the global food insecurity and deliver cheaper and more quality produce to people around the world. We are thrilled to see Farmsent tap peaq as its layer-1 blockchain for this important mission.”

— Till Wendler, co-founder of peaq

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