The African continent is the new destination of IBM blockchain projects which will leverage some unique services and apps for the upgrade of the African economy. The research division of IBM has collaborated with a US-based agricultural tech firm Hello Tractor to deploy and facilitate to the African farmers in obtaining tractor services quickly.
IBM research and Hello Tractor have joined hands to employ the usage of blockchain technology in agriculture industry of Africa in the best possible way. IBM’s research division already has a branch in Kenya which is said to work on this eminent project. This unique platform will make the use of both blockchain and the Internet of Things (IoT). In addition to this, it will also include the services of Watson Decision Platform and IBM Cloud which are already used as an agribusiness tool.
The IBM blockchain project can also be termed as a kind of agriculture digital wallet which makes the use of various kinds of technologies. All the users or parties involved in this network will be able to share data in respect to their specific agribusiness value chain. This is going to be extremely beneficial for all the segments of agriculture like farmers, dealers, tractor vendors, finance institutions and even regional government.
According to IBM, the vital machinery handles less than 20% of sub-Saharan Africa’s crops which is relatively low considering the requirement and demands of this fast-growing population. As per the facts, there is an estimated growth of 11 million each year while half of the farmers are dealing with loss in the harvest because of severe weather and machinery requirements.
Blockchain Can Make Major Impact On African Economy
PollRight, the market research company revealed intriguing figures about blockchain and Africa. The research stated that about 46% of the professional investors anticipate Africa to enjoy a strong economic growth in the coming years considering technical advancements like blockchain, as mentioned by Block Tribune.
IBM’s blockchain effort and collaboration with Hello Tractor seems to be a beginning of the major economic reformation of the African continent.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]