Block Commodities seeks feedback on 'Farmer 3.0' product
Africa-focussed commodity trader Block Commodities updated the market on progress in its pilot project being carried out in Uganda in partnership with Pure Grow Africa on Monday.
The AIM-traded firm said its head of African operations, Clinton van Eden, had recently visited farmers in remote areas in Uganda, along with Pure Grow Africa chief executive officer Bobby Juuko Kimbugwe.
It said the executives met groups of small-scale farmers to understand the hindrances holding back production growth, and strategically plan the deployment of Block's pilot project.
Block Commodities said it was developing ‘Farmer 3.0’, an integrated agri-business ecosystem for agriculture which reportedly used “disruptive technologies” to optimise agricultural activity and output using a blockchain-powered platform, along with machine learning, predictive behavioural analytics and data-driven marketing.
In Uganda, smallholder farmers represented around 85% of the farming community.
According to the World Bank, agriculture employed 70% of Uganda's population and represented quarter of its gross domestic product.
The Farmer 3.0 pilot project was launched in September, and was aiming to supply up to 1,000 Ugandan smallholder farmers with utility token-based loans as selected by Pure Grow Africa, to purchase fertiliser and gain access to appropriate technology to enhance production.
Block Commodities said the results of the meetings with farmers highlighted the need for alternative funding for fertilisers and pesticides, access to technical training and markets beyond the local level.
It said its deployment of an alternative form of lending, via utility token-lending, was set to “disrupt” the system.
“More than offering technologies and tools, our job is to close the information gap and educate these farmers so they can make the most of their lands,” said Block Commodities chief executive officer Clinton van Eden.
“Our mission is to take the burden off the farmers' shoulders so they can focus only on production and let them be the best farmers they can be/”
Upon successful completion of the pilot phase in Uganda, Block Commodities said it was aiming to expand the scheme to up to 50,000 smallholder farmers linked to Pure Grow.