Farmsent, a farmer-centric blockchain platform, has partnered with Peaq, a decentralized physical infrastructure network, to revolutionize the global food commodity trade and empower farmers. By leveraging Peaq’s layer-1 blockchain technology, Farmsent aims to decentralize the agricultural supply chain, enhance transparency, and connect farmers directly with consumer-facing businesses worldwide.
The collaboration, announced on April 9, marks a significant step forward in Farmsent’s mission to eliminate centralized intermediaries and reduce costs for all stakeholders. Through the use of Peaq’s DePIN (Decentralized Physical Infrastructure Network) and sensors, Farmsent can track product quality and provenance, ensuring transparency throughout the supply chain.
Yog Shusti, the co-founder and CEO of Farmsent, explained that DePINs have a particularly exciting use case in the agricultural sector. Farmers can make data-driven decisions to optimize crop health and yields, while consumers gain access to information about the food they purchase.
Currently, the global food trade faces numerous challenges, with farmers often receiving a disproportionately low share of the market value. Farmsent aims to address this issue by bypassing traditional intermediaries and enabling direct transactions between farmers and consumers. The platform already has over 160,000 farmers onboarded in Indonesia and Colombia.
Farmsent’s platform, still in beta, is currently being used to track coffee, avocados, and palm sugar between Indonesia, Colombia, the United Arab Emirates, and the United States. The company is also working on securing three additional licenses.
Shusti highlighted the importance of a cost-effective and scalable data storage solution for Farmsent’s platform. Peaq was selected for its ability to handle large amounts of data, and the network has recently secured $15 million in a Series A funding round.
Data security is another crucial aspect of Farmsent’s operation. The platform gathers information from various sources, including human input, IoT sensors, and third-party partners. To ensure data privacy, Farmsent leverages Peaq’s decentralized identifiers (DIDs), which allow for data verification and controlled access while protecting sensitive information.
Till Wendler, the co-founder of Peaq, emphasized the significance of this partnership within the agriculture industry. He believes that it has the potential to address global food insecurity and deliver cheaper and higher quality produce to people around the world in a secure manner.
Overall, Farmsent and Peaq’s collaboration represents a pioneering effort to transform the food commodity trade, empower farmers, and enhance transparency in the agricultural supply chain.