Farmsent Partners with Peaq Blockchain to Innovate Global Food Trade via DePINs

Farmsent, a blockchain platform focusing on empowering farmers, has joined forces with Peaq blockchain, emphasizing decentralized physical infrastructure network (DePIN) technology. With over 160,000 farmers already involved in Indonesia and Colombia, Farmsent aims to reshape the global food commodity market.

The collaboration, unveiled on April 9, underscores Farmsent’s mission to decentralize agricultural supply chains, fostering transparency and establishing a global Web3 marketplace directly connecting farmers with consumer-centric businesses worldwide.

Utilizing DePINs equipped with sensors to monitor product quality and origin, Farmsent endeavors to eliminate centralized intermediaries, thus reducing costs for all stakeholders while ensuring supply chain transparency.

In an interview with Cointelegraph, Yog Shusti, Farmsent’s co-founder and CEO, highlighted the transformative potential of DePINs in agriculture, facilitating data-driven decisions for farmers regarding crop health and productivity. Moreover, Shusti emphasized how DePIN technology empowers consumers by providing access to comprehensive information about purchased food, including its origin and cultivation methods, enabling informed choices.

The existing state of the global food trade underscores the urgency for transformative measures, with farmers often receiving a disproportionately low share of market value. Farmsent seeks to address this disparity by enabling direct transactions between farmers and consumers, with a current user base exceeding 160,000 farmers across Indonesia and Colombia.

While still in beta, Farmsent’s platform is actively used to track commodities like coffee, avocados, and palm sugar between Indonesia, Colombia, the UAE, and the US. Plans are underway to expand operations, with three additional licenses in the pipeline.

Shusti highlighted the scalability challenge posed by traditional blockchains in managing the burgeoning volume of data and transactions. Peaq’s cost-effective data storage and scalability capabilities make it an ideal choice for Farmsent’s expansion strategy.

Notably, Peaq recently secured $15 million in a Series A funding round, reflecting its growing prominence in the blockchain space.

Ensuring data security is paramount in handling sensitive information from global farmers and businesses. Farmsent leverages Peaq decentralized identifiers (DIDs) to enhance data privacy, facilitating data verification and controlled access while safeguarding sensitive information.

Till Wendler, co-founder of Peaq, emphasized the significance of this partnership in addressing global food insecurity and delivering high-quality produce worldwide in a secure manner, affirming the transformative potential of blockchain technology in the agriculture industry.