BlockGrain.io Launches Australia's First Ever Agricultural Token Sale
LONDON, May 4, 2018 /PRNewswire/ —
– Aims to reduce the 30% lost value of bulk commodities due to inefficient supply
– Disintermediates traders and banks in the agricultural supply chain
– Eliminates fees that can reach up to 13.95% for an agricultural-based consumer
– More accurate and transparent data reduces insurance costs for farmers
BlockGrain, the agricultural supply chain blockchain platform (http://www.blockgrain.io) that aims to connect buyers and sellers of agricultural produce and ensure traceability of products for consumers, has today announced it is launching token sale on the Ethereum blockchain.
The token sale follows a successful trial of its beta version designed and tested over the course of the last two years by grain farmers and commodities brokers looking to manage and control their stock more efficiently. BlockGrain.io aims to raise funds to develop the world’s first ever blockchain focused exclusively on agricultural supply chains and erasing inefficiencies that currently see up to 30% of cereal crops, 40% of root crops, and 20% of meat and dairy lost.
Caile Ditterich, CEO, BlockGrain: Our token sale marks the next step in BlockGrain’s development from being an idea, to a fully tried and tested beta platform used by commodities brokers and farmers. With the world’s population set to reach 10 billion by 2050, agricultural technology will have to improve if the world is to feed itself, food waste due to inefficient supply chains has to be eliminated and BlockGrain provides a tangible solution to this very pressing problem.
The BlockGrain platform is looking to create an industry-wide software solution that supports farmers and key ancillary companies on a single, independent, global platform. Such a platform would avoid problems associated with data fragmentation and antiquated checking procedures that impact cash flow for smaller producers.
BlockGrain is an agricultural supply chain platform that connects potential buyers and sellers using blockchain technology. The use of distributed ledger technology eliminates the need for intermediaries such as trading houses and banks to ensure more streamlined logistics. It aims to reduce the 30% (50% in developing countries) loss of value for bulk commodities attributed to inefficient supply chains. BlockGrain completed its pre-sale in April 2018 following the successful trial of its beta version involving six grain brokers and twenty farmers. The proceeds of the token sale will be put towards developing the largest industry-wide blockchain platform for agriculture. BlockGrain is also seeking to expand into wool, fruit, vegetable and livestock with a current beta already running in fruit and vegetable.
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