Kenyan entrepreneurs in the agricultural sector are incorporating blockchain technology to provide a decentralized distributed ledger to record data that represent the quantity and quality of crops harvested, transported, and sold.
To make all of these possible the Kenyan entrepreneurs will be partnering with Silicon Valley based software development company, HashCash Consultants.
In a statement posted on their website about the project set to kick off in the first quarter of 2019, the software development company, without specifying the Kenyan entrepreneurs who will be taking part in the project said:
“The objective of the project is to strengthen the infrastructure of the agricultural sector with optimized logistics. According to its contribution to the East African country’s GDP, this sector is the backbone of the Kenyan economy. It accounts for 25 per cent of the Gross Domestic Product (GDP), 65 per cent of total exports, and more than 18 per cent of formal employment.”
With the incorporation of blockchain by the entrepreneurs, HashCash said the difference in statistics updated at every stage of the supply chain will facilitate a more accurate calculation of post-harvest loss and narrow down the problem areas in the infrastructure.
“This record will be a highly reliable one because the encryption with which the data are protected is near impossible to hack. Therefore, the blockchain ledger will cancel out all possibility of manipulated reports and corruption,” HashCash Consultants said in their statement.
Besides customizing blockchain solutions to meet the specific needs of their clients, HashCash Consultants, also offer the option of funding these projects. Initial Coin Offering; a type of funding using crypto-currencies, provided by the blockchain company is a quick and easy alternative to accrue capital for the entrepreneurs without having to divest any part of the ownership rights of their company.