Blockchain Solution to Boost UK’s Deteriorating Farm Revenue

Blockchain Solution to Boost UK’s Deteriorating Farm Revenue

Fieldcoin is proposing a blockchain based land marketplace that will boost revenue from agribusiness ventures. The company’s innovative solution comes in the wake of a survey reported by Farming UK depicting that a fifth of UK’s farmers are considering alternative revenue streams for sustainability.

The report denotes that among the most likely ventures being considered by the farmers include renewable energy at 29%, property letting at 15%, holiday lets at 12%, lively stables, outdoor leisure and farm shops at 6%, 5% and 2% respectively.

The study established that beefing up farm revenue was the main reason for the diversification among short-term sustainability, putting underutilized farm resources into use and providing family members with a business opportunity.

Now that there is no turning back on Brexit, the UK government has to fill in the power vacuum left by the EU’s Common Agricultural Policy (CAP). Farmers will no longer enjoy subsidies that CAP used to provide.

Blockchain-based marketplace

While the government is yet to come up with an alternative for CAP, Fieldcoin is proposing a blockchain based system that will link farm owners to prospective investors. The new system is expected to facilitate a frictionless process of land acquisition, renting and managing land together with investing in agribusiness ventures.

The proposed blockchain-based marketplace for landowners and investors is expected to solve management flaws in traditional agribusiness system, enhancing traceability of agricultural inputs and outputs. The platform besides facilitating a seamless land acquisition process will also enable a “subsequent peer-to-peer exchanges and crowdfunding e-marketplace. “With the latter, participants in the platform will be able to raise money to fund agribusiness ventures.

Mode of payment

The platform will operate on two Ethereum blockchain-based tokens, ERC-20 and ERC-721. The former will be available during the FCO (Fieldcoin Coin Offering) and can be traded on cryptocurrencies exchange platforms after the FCO. ERC-721 however, is the Lands token. Anyone seeking to purchase land within the platform will need ERC-721 to power the transaction.

The company’s FCO (its version for ICO) is scheduled for November 26 to December 4. The firm is seeking to raise only $1 million during the FCO.