Nonfungible tokens (NFTs) have traditionally been associated with digital art, profile pictures and other digital collectibles. Capable of preserving uniqueness, these tokens are still popular, but there is another type of NFTs that goes one step further — NFTs. They offer tangible and real-world benefits to holders.
Utility NFTs offer immediate value upon purchase by granting access to certain privileges or exclusive experiences. For example, they can unlock premium content, provide memberships, or allow holders to redeem rewards or items.
The value of the utility NFT most often derives from the value of the real-world item or experience it represents. However, it can also have intrinsic value based on rarity and popularity.
Technically, utility NFTs are no different than regular NFTs — they leverage blockchain technology to ensure uniqueness, ownership and authenticity. The only difference is that they are directly linked to specific items or experiences. They are minted on decentralized networks using smart contract standards explicitly developed for NFTs. Dimitra NFT
Utility NFTs are industry-agnostic, meaning they do not specialize in a specific industry and can transform many sectors and experiences, from gaming and fashion to live concerts and real estate. While it may be surprising, agriculture can also integrate these NFTs for various use cases to bring efficiency and transparency.
NFTs can revolutionize the agricultural industry by providing a more transparent, efficient, and secure way to manage the supply chain. They, like digital crop certificates, can track ownership and authenticity throughout the supply chain, from farm to consumer, and can be used to digitize and manage physical assets relating to crops, livestock, and land. This can enhance transparency, improve efficiency, and unlock new possibilities for financing, trading, and insurance in the agricultural sector.
One area where NFTs can have a huge impact is supply-chain management. NFTs and their underlying blockchain technology can certify the ownership and authenticity of assets, which makes these tokens suitable for the tracking of agricultural products.
An ecosystem can mint NFTs for every stage of the supply chain, from the farm to the store. This would enable stakeholders and end users to verify where a food product came from and how it reached the market’s shelf. Utility NFTs, in this case, can grant stakeholders ownership rights over certain food products. These rights are essential for a more equitable, transparent, and sustainable food system. They empower farmers by granting them ownership of their produce, leading to fairer profits and improved livelihoods. This transparency extends to consumers, who can make informed choices about their food. Moreover, stakeholder ownership incentivizes farmers to produce high-quality food and reduces food waste by enabling direct sales to consumers.
NFTs and blockchains are all about decentralization, transparency, proof of ownership and security. These features come to address several challenges in agriculture, an industry that still uses many old-school methods to grow and distribute food and goods. This reflects on the quality, efficiency and costs of production, eventually affecting the profitability of farmers and other stakeholders.
Thanks to NFTs, stakeholders can create a secure, immutable record on the blockchain, enabling access to real-time data related to the entire supply chain of agricultural products.
This unmatched level of transparency helps prevent fraud, ensures food safety and improves the implementation of sustainability practices. By bringing efficiency to all supply chain stages, NFT implementation can cut costs and have a positive impact on profitability.
The integration of utility NFTs into supply-chain processes. And other use cases can be a win-win for both farmers and consumers.
One example of how NFTs can help the agricultural sector is illustrated by Dimitra, a leading blockchain-based enterprise system for AgTech driving productive, intelligent and inclusive farming. Dimitra helps farmers reduce efforts and improve efficiency by integrating its technology stack, including blockchain, mobile, artificial intelligence (AI), Internet of Things (IoT), drones and satellites.
Dimitra’s utility NFTs offer innovative solutions for the agricultural sector, enabling farmers to secure financing, establish direct consumer connections, and monetize valuable data to make smarter decisions. This approach aims to streamline financing processes, promote transparency and fair pricing, and provide farmers with additional revenue opportunities.
Despite their benefits and potential, farmers and consumers. Should be aware of certain limitations of NFTs and blockchain technology in general.
To begin with, blockchains are closed systems without access to real-world data. Therefore, connecting an on-chain NFT with a physical or digital off-chain asset requires additional effort. This can be achieved with the help of so-called oracles or other conditions embedded into the smart contract itself.
Eventually, stakeholders must ensure that the tokens accurately represent the underlying products, be it crops, livestock or bonds. For example, Dimitra has developed its Land Suitability Oracle that evaluates each farm. Based on its potential to grow a particular crop. Moreover, Dimitra already has an application that assesses farmer performance. The combination of these tools provides a significant capability for agricultural lenders compared to the available tools.
NFTs can be used independently or with other blockchain applications to improve supply-chain management at all stages.
For example, Dimitra is revolutionizing farming with utility NFTs, starting with avocados. The company has recently launched an NFT series in collaboration with One Million Avocados, a Kenya-based startup. These NFTs enable individuals to sponsor avocado trees for $50, providing farmers with essential resources like seedlings and fertilizers as well as digital platform access and sensors. Dimitra is also developing a Crop Certificate program where, through a Web3 interface, investors provide a loan through a regulated crowdfunding process and get premiums repaid from the proceeds of the crop harvest.
This unique approach improves security, combating avocado theft in Africa. Unlike traditional loans, which are challenging for avocado farmers due to the crop’s long maturation period.
As the trees grow, investors share in the rewards. In the second year, an avocado tree may produce one fruit, but by the tenth, it can yield 300 to 400 kg (661–881 lbs), and considering today’s export prices, farmers can earn three times more than the domestic markets. What’s more, they don’t need to pay premiums on loans before generating revenue.
Dimitra’s NFT launch begins with 1,000 avocado trees as a pilot in the fall of 2023, with plans to expand into mangoes, cocoa and other crops. By implementing blockchain and NFTs, Dimitra empowers farmers, investors and philanthropic sponsors in AgTech, demonstrating the transformative potential of this technology in agriculture.
Dimitra Fintech – Addressing climate change and achieving net zero targets has become increasingly critical in the fintech sector. Corporations are being held responsible by regulators, stakeholders, and clients to actively work towards sustainability. And be transparent in the environmental impact of their operations. With the advent of artificial intelligence (AI) and data analytics technology, new modalities and solutions are emerging with which institutions can monitor and measure carbon emissions and log sustainable data. Among these new solutions is satellite and geo-spatial data.
As climate change persists and the planet is plunges further into disaster, advancements in climate science and the availability of new data from space and satellites can address the climate issues and spur the climate finance industry to action. The new mines of data made available through space and satellite data can inform and guide future sustainable initiatives. Whilst monitoring how we are currently impacting the world around us and learning how to limit that impact. Dimitra Fintech
Recognising the potential that space technology has to inform climate action, the UK government announced in September 2021 that they would be working with the UN Office for Outer Space Affairs to engage more climate action informed by space data.
A recent investment report shows that earth observation is a key area of investment in the UK. The report details a rise in space investors since 2015, and predicts that the space sector will see 11% of growth in the next year. As the market for investment in space is on the rise, the research indicates that more movement in the space industry will facilitate further technology-driven initiatives to enable sustainability and decarbonise economies.
Data collected from satellites can be used to create climate models in numerous ways, the European Space Agency (ESA) reported that climate observations can be made to make predictions for the future environmental status and provide guidance on actions to reduce carbon emissions. The ESA has currently put into place an initiative, the Climate Modelling User Group, that will focus on bolstering Earth observation to fully embrace the potential of satellite data in the fight against climate change.
There are over 5000 satellites orbiting the globe as of 2022, able to monitor illegal mining and fishing and record the impact of greenhouse gases. Satellites launched by the ESA such as Copernicus contain imaging monitors that survey air pollutants all over the globe and report findings every day. Scientists that have assessed this data have made it available to policymakers, allowing companies to track how methane emissions are also damaging the planet.
Satellite data can provide industries and businesses with climate risk assessments that analyse the emissions and impact of their operations. Trisha Saxena, investor at Seraphim Space. Points out that satellite data can offer crucial information to inform company climate risk portfolios.
She states: “Satellite data can also be used to enhance risk disclosures such as the Task Force on Climate-Related Financial Disclosures (TCFD) – which aim to make firms’ climate-related disclosures more consistent. For example, Moody’s, a credit rating agency, uses satellite data analytics to assess companies’ impact on the climate and biodiversity, thus allowing them to assign ESG ratings to these companies and inform investors about which companies are most exposed to natural capital risk. Satellites can provide reliable, frequent data about the world, which can help such institutions understand their climate risks better.” Dimitra Fintech
Mario Cozzi, CEO and co-founder of Emitwise, highlights how financial institutions can use satellite data in their climate-related reporting which they are required to submit by the TCFD. Cozzi cites that businesses can identify exposure to nature-related risk such as weather conditions and changes in the geographical terrain. Dimitra Fintech
By cross-referencing reported figures with observable data from space, for instance. In relation to methane emissions, they can ensure compliance and accuracy in emission reporting.”
Innovation in space can reveal previously hidden risks and inform decision-making processes. When it comes to investment, insurance, sustainable reporting, and net zero goals.
Saxena observes that space data has already encouraged sustainable operations in the agricultural sector, allowing farmers to work sustainably and protect their farm using data collected by space technology.
Citing Immarsat, a satellite communications company, Saxena explains that satellite technology could accelerate the net zero transition by ten years and reduce global emissions by 18%. She adds that the use of GPS and imagery data can reduce emissions in measures of tonnes by planning out aviation and maritime to keep clear of congested ports and enhance air traffic control.
She furthers: “Another way satellite technology can help solve climate change is through the Internet of Things (IoT), whereby a series of monitoring devices are connected to satellites to provide real-time information. For example, if there is an irrigation issue on a farm – detected through a satellite-connected sensor – the water could be turned off remotely while the problem is resolved. Furthermore, satellites used to monitor crops and farmland can be used to reduce the use of chemicals, inform optimal harvesting timings, and thus increase yield, ensuring the world can be fed sustainably.”
Jon Trask, CEO of Dimitra, a blockchain-based enterprise system for AgTech, described how geospatial data is being used to support farmers in working sustainably, speaking specifically on how the team is supporting female cocoa farmers in Honduras with the local organization Red Departamental de Mujeres Chiquimultecas (REDMUCH).
“Our mission is to help small farmers in Honduras, and around the world, with technology,” says Trask, ”and we use revolutionary technologies in order to do that, such as blockchain and AI, satellites and drones, and mobile devices. We have built four applications, each serving a unique purpose. Regarding REDMUCH, we are using an application that we created called Connected Farmer, which is a mobile app that essentially reads real-time farm-input data. Forming a geofence around the farm, we run satellite reports to help us assess farming conditions and performance. We can look back 15 years of how the farm’s performed, at different crops they have developed, moisture management, and the impact of climate and weather.
“Farmers then input real-time data from crops on their farms into the Connected Farmer app. Alongside info such as how they fertilize their land and about their soil. As they grow their crop, we make recommendations throughout the growing season on how they can better farm the land. We also advise farmers after harvest so they can prepare for the next season. Post-harvest, we also use blockchain in order to provide documentation to farmers. So that they can get a premium price for their product on export. And to track-and-trace their products easily and hassle-free.
“We use our Deforestation Platform extensively in relevant countries such as Brazil to help farmers comply with new EU regulation. The regulation, which will take effect in 2024, means farmers globally now face strict frameworks. If they wish to export to the EU’s lucrative market.
Space data can also identify the most efficient. And impactful actions that can reduce carbon emissions and enable businesses to meet their net zero targets.
Discussing how space data can contribute to solving climate change, Giancarlo Raschio, senior manager for sustainable finance and innovation at Gold Standard comments on the emergence of new technologies that collect spatial data – multi-spectral and hyper-spectral satellites, radar, drones, and proximal sensors: “These techs are the inputs for algorithms that generate information about data. As such, better and more detailed data can enable better decisions and greater understanding of the impacts of an intervention.
Space data provides ample opportunity for data collection. As financial services becomes more digitised, personalised, efficient – it also holds the responsibility to become more sustainable. Fintech plays a role in planning how to process satellite data, analyse, and share it through different methods. Using data collected through space, financial institutions can strategise on how to finance sustainable initiatives and the net zero transition.
Nicola Anderson, CEO of Fintech Scotland cites a few fintechs that are focusing on space technology. “Space intelligence is using AI and Earth observational data to expand understanding of lesser developed green initiatives. Such as the carbon market and carbon offsets. And is looking to invest in satellite technology to advise that.”
She continues that there is an increase in space tech investment coming from the UK and Scotland in particular. And that Fintech Scotland has recently launched an accelerator programme. To gain more insight into the intersection of the space sector and financial services sector.
Anderson explains: “We are seeing Earth observational data present opportunity for the financial services sector to deepen their understanding around emissions, the net zero agenda, the investment market, and the housing market. The financial services industry is starting to really embrace the regulatory requirements that they now need to meet from a reporting perspective on ESG. The data that space innovation can offer will give them confidence in some of the things that they need to report against.”
Cozzi outlines how satellite data can make a significant difference in addressing climate change in several ways. Detecting greenhouse gas emissions which can inform carbon reduction protocols, detecting physical nature-related risks such as rising sea levels. Extreme weather, droughts and wildfires, and how geographical terrain will need to be adapted when exposed. Imaging systems and geo-spatial data acquired by satellites can enable speedy responses to natural emergencies and mitigation efforts.
Cozzi concludes: “There is a strong prediction for growth in both the space tech industry and investments in space data. As awareness of the importance of climate change mitigation and sustainable practices continues to rise. There will be an increasing demand for space data and satellite technologies that contribute valuable insights to address climate challenges. This demand will likely drive innovation in the space tech sector and attract more investment. Leading to advancements in space data analytics, satellite technologies, and applications related to climate and sustainability initiatives.” Dimitra outbound
Dimitra AI Climate Change – As the world plummets further into climate disaster and ecological crisis, every organisation has an obligation to actively work towards becoming more a sustainable and ethical institution.
Within the financial services sector, corporations have an influence on how sustainability is being addressed, to what extent they are working towards net zero targets and decarbonisation, and how new innovations can drive sustainable action. This power cannot be taken lightly, as more and more consumers and regulators are demanding that companies be held accountable for their environmental impact.
As companies undergo digital transformation and embrace cloud platforms which dial-in sustainable and ESG efforts to the frameworks of a business, artificial intelligence (AI) is the next grand frontier for which financial institutions are embarking on – and sustainability is an unavoidable path on this journey.
As AI has become a key aspect in new innovations across many industries including financial services, new questions arise: how we can leverage AI to form more sustainable decisions and translate them into action? How do we hold ourselves accountable and use this new technology ethically and strategically to cultivate the best outcome for our planet and our surroundings? The following chapter will examine AI’s role in the sustainable finance industry and the complexities that arise with AI integration and an abundance of data.
Greenwashing is a prevalent issue in the financial services industries, with banking giants such as HSBC, Citi, and JP Morgan Chase having faced green washing accusations in the attempt to appear sustainable and ESGoriented while not putting any real effort or action beyond a statement. With many ESG considerations, companies self report, which is proves problematic as there is a risk that they omit the negative aspects of their operations and highlight what they are doing right.
Additionally, sustainable reporting is complex and requires a multitude of details – from scopes 1 to 3 of carbon emissions, environmental impact, energy consumption. And more – often companies are not aware of the correct reporting criteria. These situations can generate inaccurate reports, making it more difficult for stakeholders and regulators to make informed decisions. AI can solve a major part of the reporting issue in ensuring transparency. By bringing together various complex datasets within a company and form a solid and accurate report.
Tools such as Natural Language Processing (NLP) through software such as RepRisk and Truvalue Labs can monitor a variety of sources to screen companies’ ESG policies, allowing regulators and governmental bodies to hold them accountable.
Organisations such as the Task Force on Climate-Related Financial Disclosures (TCFD) used machine learning in annual AI Reviews of over one thousand global firms to identify disclosures concerning five different types of climate-related risks in company annual reports. The use of AI is expanding in the regulatory space to assess risk and compliance with data.
Satellite, sensor, and geospatial data has also been on the rise in reporting on carbon emissions and environmental impact on biodiversity. Monitoring pollution, groundwater quality, deforestation, waste, and more through geographical coverage. The key advantages of geospatial data are that it is high resolution and is difficult to manipulate.
Laimonas Noreika, CEO and co-founder of HeavyFinance, commented. “AI plays a pivotal role in sustainable finance, particularly when integrating satellite-based geospatial data into city design. The convergence of AI and geospatial data offers transformative potential in understanding and advancing sustainable practices in urban environments.”
Jon Trask, CEO of Dimitra, a blockchain-based enterprise system for AgTech. Explained how geospatial satellite technology and AI is being used to support sustainable farming:
“We use geospatial imagery gathered by drones. We ran a project earlier this year to use drones to analyse corn in Papua New Guinea. And essentially built an AI system that will identify where the pests are on the corn. So that farmers can precision spray versus using pesticide completely across the field. In this area, this farming organisation has 11,000 hectares. And lost almost 50% of their crop in 2019 due to fall armyworm. And fall armyworm wasn’t an issue before that. Farmers had to change their farming practices to work with their environment and modify their strategies. Farmers always need to make decisions regarding pests and sustainability and create that balance. So, through our app we help farmers with recommendations and making decisions around sustainability.”
Trask explained that in Brazil, Dimitra’s technology uses geospatial data to measure crop health and report on moisture, nutrients, chlorophyll, and with making carbon estimates. Gathering a wide net of data. Dimitra can inform farmers on how to adjust their strategies according to what their environment needs. Providing farmers with easily-implementable actions so they can farm as sustainably as possible.
Similarly, geospatial data can be used to map out widespread spaces for the objective of sustainable urban planning. By being able to detect specific the state of the landscape. Geospatial data can be used to better understand how to integrate architecture with the needs of the land. And create a sustainable city.
On the advent of AI, Noreika stated: “The vast volumes of asynchronous data from shareholder disclosures, satellites, and social media present both challenges and opportunities. AI enables the processing of this data at an unprecedented scale and speed. Uncovering valuable insights regarding environmental, social, and governance factors that impact investments. By analysing this data, we can gauge the sustainability performance of companies, identify trends, and inform investment decisions effectively. Dimitra AI Climate Change
“However, inferring meaning and making decisions based on this data requires careful consideration. AI-driven algorithms must be transparent, interpretable, and unbiased to ensure equitable decision-making.
While AI technology could open up new avenues for growth and development in the sector. Especially when it comes to monitoring sustainable efforts. And holding corporations accountable for their emissions and environmental impact. To avoid AI becoming a black box technology.
Noreika also commented on ethical concerns of using AI capabilities in the sector: “It is possible for AI to create issues, such as an over-reliance on automation, which could lead to a lack of human oversight and accountability. Ethical concerns regarding privacy and data security must be addressed to maintain trust in AI-driven sustainable finance practices. It is crucial to strike a balance between the opportunities AI presents and the ethical and transparency challenges it poses. Ensuring that sustainable finance remains responsible and equitable.”
As datasets vary based on the structure of their collection, biases can emerge within the data. To ensure that new AI technologies are without bias. There needs to be a collaborative effort in generating AI and producing explainable AI platforms that maintain transparency.
AI offers numerous benefits and multiple paths towards growth, efficiency, and action within the sustainable finance sector. However, there are downfalls to the endless data available and a likelihood of bias within data collection. Moving forward, financial institutions must consider the risks of integrating AI capabilities into their sustainable finance agendas. Dimitra AI Climate Change
Dimitra ESGtech – Our CEO, Jon Trask was quoted in The Future of ESGTech 2024 report released by Finextra talking about leveraging satellite and geospatial data with AI to monitor nature-related risk.
The financial sector has a big role to play in changing the trajectory of the world. Therefore, the opportunities presented by ESGtech (Environmental, Social, and Governance Technology) play a large part in that. This report aims to analyse a variety of the ESGtech options and present a future the impacts they could have on our future. Take a look at this report here.
With every passing year, we are seeing our chances to tackle climate change diminish, but we are not without the opportunity to make a change. The summer of 2023 was the world’s hottest on record according to NASA. With Europe being stuck by the largest wildfires ever recorded. Storm Daniel decimating Libya, and record-breaking downfalls in Hong Kong.
The financial sector has a big role to play in changing the trajectory of the world. The opportunities presented by ESGtech (Environmental, Social, and Governance Technology) play a large part in that. This report aims to analyse a variety of the ESGtech options. And present a future the impacts they could have on our future, but not the past.
However, focusing on sustainability will be pivotal for the financial sector moving into 2024. This Finextra report, produced as part of SustainableFinance.Live. Features expert views from Dimitra, HeavyFinance, McKinsey & Company, MVGX, Rimm Sustainability, and Zumo. And explores how financial organisations use ESGtech to make substantial change.
Dimitra Finance Magazine – In today’s fast digitizing world, a revolutionary wave has swept the world, and the agricultural industry is no exception. Innovations such as Blockchain, SaaS, and AgTech Solutions are inching closer to transforming the global agricultural landscape. A company that is dedicated to infusing these groundbreaking technologies into the agricultural world for an optimized farming experience.
Dimitra Incorporated, based in Belize City, Belize, is a global Agtech company thriving in various industries such as Apps, Consulting, Information Technology, Insurance, and Software. The company’s mission is to employ cutting edge technologies like Blockchain and SaaS. To provide farming solutions that foster increased yield, cost effectiveness, and risk mitigation measures for farmers worldwide.
Dimitra Finance Magazine – Dimitra Incorporated has set itself apart with its unique approach towards revolutionizing agriculture. Combining SaaS, CeDeFi Loans, and Agriculture Technologies, Dimitra offers a platform built on blockchain technology. This platform amalgamates machine learning, genomics, IoT devices, satellite and drone imagery, and advanced farming research. To create a comprehensive solution for farming challenges. Furthermore, Dimitra’s work alongside governments, farming cooperatives, NGOs, and for-profit organizations stands as a testament to their inclusive and far-reaching approach.
By deploying mobile technology, Dimitra allows for a wider reach. This aspect reflects Dimitra’s dedication to ensuring that every farmer, regardless of their background, can benefit from the technological advancements the company provides.
Looking at the future, Dimitra Incorporated shows promising potential in revolutionizing global agriculture. With technology advancing at an exponential pace, the integration of Blockchain, SaaS, and AgTech Solutions in agriculture could prove instrumental in tackling the challenges the industry currently faces. Furthermore, Dimitra’s comprehensive approach that puts small holder farmers in the spotlight. Could significantly contribute to a more inclusive and productive agricultural sector.
With endeavors like Dimitra Incorporated taking the lead, the future of agriculture appears promising. You can keep up with their innovative journey through their website, Twitter, Facebook, and LinkedIn pages. Spearheaded by visionary founder, Jon Trask, Dimitra stands ready to infuse the agricultural world with the beneficial strides of tech advancements. – Dimitra Finance Magazine
Dimitra Forkast – Data — the very mention conjures dull and dreary images in our minds. Crypto — far more exciting — draws images of the rise-and-fall, of thrilling new advances and a brave new world.
And yet, where data meets crypto and the underlying technologies behind it, is where the future lies. The intersection and interplay of data and these new, emerging technologies will revolutionize how farming is done across Africa, and indeed the globe.
The time for this revolution is now. Africa still remains a net importer of food despite holding vast areas of arable land. And figures show a growing hunger problem as 282 million people are undernourished across the continent, equating to more than one in five people. More specifically, small farms are the dominant form of agriculture, with an estimated 33 million smallholder farms producing around 80% of Sub-Saharan Africa’s food supply, despite being highly susceptible to ongoing weather and market fluctuations.
Added to this, almost half the population of Sub-Saharan Africa is unbanked, meaning they lack access to traditional forms of finance, hindering growth and investment.
Therein lies the opportunity for farmers. As tech excels and revolutionary technologies such as AI and machine learning advance rapidly. Solutions are readily available and ready to implement across the board.
Dimitra Forkast – Generating data is easy, and there is lots of it to be generated. Farmers know better than anyone what is happening on the ground. But reams of data add a new dimension to understanding how their farm operates on a more intricate level. And other technologies to provide real-time, continuous rafts of data, available at all times and with minimal intervention. This can range from monitoring a specific crop’s required fertilizer levels or predicting expected yield at any moment in time. To understanding the conditions that lead to disease or susceptibility to pests.
As the data flows in, we have the tools to analyze it on the go and give farmers data-driven, digestible insights to better understand crop and farm health. To ensure better yield, or to mitigate risks associated with largely unpredictable weather patterns. These reams of data, now made accessible through technological advances. Continue to drive better farming that will only improve as time moves on. While real-time insights and actions impact farmers on a personal level. Vast amounts of data also mean farmers no longer operate in self-contained silos. When a farmer in South America makes progress, their equal in Africa can avail of the learnings.
Ensuring immutability for sustainability credentials. In practice, this means any company or individual along the supply chain can check and validate these credentials easily. All the way from farm to fork, with blockchain absolutely guaranteeing the information provided. This promotes not only transparency among all involved parties. But also facilitates the storage and collection of reliable data which in turn can feed into more intricate insights.
These technologies are relatively inexpensive to implement and. Once up and running, cost little to maintain, and the payout is phenomenal. Farmers also have access to all the info they need on their mobile devices, which is paramount in Africa as reports show an average of 84% of the population owned mobile phones across the continent in 2021 (with some countries averaging over 94%).
In crypto we talk about interoperability; this is interoperability in practice.
Dimitra Forkast – Many have heralded crypto as the force that will reinvent and reestablish how finance is conducted. Without the need for an intermediary such as a traditional, centralized financial institution.
Crypto holds the key to the vault. Where access to a bank is not possible but a farmer has their mobile phone in their hand, they now have access to financial services. Such is the extent of crypto’s financial offering that we are now seeing life insurance companies with Bitcoin-denominated policies and companies offering loans through crypto.
Though in its early stages, industry must now focus its efforts on refining these services to ensure marginalized people in Africa. And further afield, can avail of the everyday services we take for granted in the developed world.
Driving digital transformation and socioeconomic advancement is no simple endeavor, but farmers in Africa are at a critical juncture, one that presents a fantastic opportunity to truly revolutionize how farming is done across the continent. Time is of the essence, especially as regulation is imposing stricter controls on products. The European Union’s deforestation regulation was introduced in June, with farmers and traders given 18 months to implement the new rules.
Farmers in Africa, indeed across the globe, have farmed in line with what works best in their environment and with the resources available. Established ways of working, passed down through generations, have ensured farmers could earn a living and feed their families. But legacy obstacles persist in places. Alongside this, we must remember that blockchain, AI and emerging technologies are now coming to the forefront and entering the mainstream psyche.
These technologies offer new avenues and systems for farmers across the globe to enhance their work, but we must acknowledge the context in which they exist. Change does not happen overnight. We are now at the critical intersection of these technologies being recognized as revolutionary, while mobile uptake and internet access in marginalized communities means we can actually deliver the technology to farmers. The final obstacle is simply bringing the technology to those who need it as quickly as we can.
And through innovative technologies such as blockchain, AI and machine learning. We can truly use them to their full potential to help those most in need.
Dimitra Forkast – The time is now to bring the technological revolution to Africa that farmers so desperately need.
Dimitra OMA – Farming technology company Dimitra is working with One Million Avocados (Saving the world, one avocado at a time) to target avocado farmers with a solution and mobile application leveraging IoT data. The sustainability technology company One Million Avocados (OMA) works to improve farmers’ productivity and yields in East Africa. Dimitra makes blockchain-based operating systems for the AgTech industry. The partnership is aimed at boosting farm efficiency, as well as the quality of harvests.
The blockchain-based solution is rolling out first in Kenya, while the companies anticipate the technology could serve at least 50,000 avocado farmers in the wider East African region once fully operational. East African farmers are already engaging with OMA to assist with their agronomy and export market preparations, says Jon Trask, Dimitra’s CEO and founder. The partnership with Dimitra could bolster that effort.
The world’s avocado market is worth more than $10.27 billion annually and is expected to reach $19.9 billion by 2026, according to Statista. In 2020, 2.7 billion pounds of avocadoes were consumed in the U.S. or eight pounds per person according to the USDA. Kenya is a leading producer of the fruits, producing 322.6 thousand metric tons worth in 2020. About 70 percent come from small farmers.
Climate change and deforestation are creating new threats to farmers. With drought, heat, and insects, for example, farm yields suffer, which impacts farmers as well as consumers. So OMA and Dimitra are pooling their solutions to support the East African avocado farmers. Farmers using the technology platform are expected to double crop performance and farm productivity, says Trask. “AgTech solutions are necessary in order for farmers across the world to mitigate the challenges of climate change. The culmination of technologies from Dimitra and OMA is pushing this agenda forward.”
Dimitra’s Connected Farmer software platform captures and manages sensor data for soil conditions and pest and disease prevention. Although Dimitra already has offered the solution globally, it now includes Swahili among the languages offered by the platform, specifically for the new application in East Africa.
The partnership leverages Connected Farmer as well as the blockchain-based traceability system from OMA. The latter of which also helps monitor the carbon footprint of each avocado production unit. By understanding carbon footprint measurements, farmers can then certify their compliance with labels such as organic, fair trade, and carbon neutral.
OMA’s solution also provides traceability of products as they move from the farm to verify the origin and quality of each avocado batch. This helps farmers prevent diversion or fraud related to the sale of products that may not be authentic.
By enabling farmers to ensure the health of the avocado trees prior to harvest. And better certify and manage their products once picked. The goal is also to promote the development of new markets and opportunities for avocado producers.
The solution is rolling out in phases to capture multiple sources of data about the conditions and health of avocado plantations. The early application begins with a data gathering phase. With the solution, farmers can access satellite imagery and. Combined with their observations, begin to build intelligence models with key insights and information for the platform. That data can help farmers gain more analytics and intelligence over time.
In the next phase, IoT technologies will be used extensively to monitor the progress and conditions related to avocado growth, says Trask. For example, precision farming will include wireless sensors that remotely track conditions in the soil and around avocado trees. And then forward that information to the platform where users can monitor the conditions. The software provides them with a way to track yields in real time. As well as to conduct field mapping, based on the data and subsequent crop production, for analytics.
By deploying a network of soil and other environmental sensors. The companies say farmers will be able to track soil moisture or other conditions. As well as pest threats, and use the data to identify or forecast problems, then take preventative steps where necessary.
By taking this pro-active role in plantation conditions monitoring, the technology is aimed at decreasing manual labor. As well as enabling farmers to address problems faster. And to make strategic decisions going forward that could make harvested crops last longer, says Trask.
The technology can also enable farmers to track products even after they are harvested. With sensors used for logistics traceability. Farmers and logistics providers can gain blockchain-based data about conditions and the movement of avocados on their way to stores. The data can help participants in the supply chain to increase efficiency and transparency, as well as provide immutable traceability.
The technology, in the long term, can be used by farmers that produce products beyond avocados. For example, the companies say they will offer the technology for livestock monitoring and management. In this case, IoT-enabled tags or collars will be provided to track real time conditions of livestock, such as their movements and overall health. By tracking whether livestock is healthy and identifying problems early. The solution aims to alleviate manual or repetitious tasks by farmers.
The Connected Farmer solution will be available to farmers via a mobile application that farmers can access on their Android-based phones. The platform then provides the farmers with a variety of functionalities they can select from. Including data analytics through machine learning and AI, for real-time, actionable insights.
Some of the features available on the app include crop management to identify and take preventative steps where necessary, crop storage optimization (leveraging data from wireless sensors tracking temperature and humidity levels in storage areas), and the livestock monitoring.
As the solution is used by farmers across Kenya and East Africa, the machine learning and AI functionality also can help farmers reduce fertilizer and chemical use based on a combination of conditions, measurements, and yield in previous crops.
“We also promote precision farming [by] providing remote sensing, guidance, sensors, yield monitors, and field mapping,” says Trask. His vision is to serve farmers across the globe to make farming more sustainable and productive.
“Every farmer across the world should benefit from data-driven, effective farming technologies regardless of their economic standing,” says Trask,” and our partnership with OMA is evidence of this in action.”
Dimitra Cointelegraph SDG – Blockchain can play a role in accelerating some of the major goals. Such as ending poverty and fostering inclusive economic growth.
In 2015, the United Nations (UN) presented its Sustainable Development Goals (SDG), which consist of 17 global goals aimed at tackling critical challenges related to poverty, equality, climate change, education, infrastructure, land and water management and more. These goals are part of the UN’s broader agenda for 2030.
A 2022 report by the Global Reporting Initiative (GRI) found that 83% of companies worldwide had openly supported the SDGs. Aligning their strategies with one or more goals.
With the adoption of blockchain technology across major industries, including agriculture, many blockchain-oriented companies have the opportunity to drive and accelerate the UN’s goals. This includes ambitious goals like eradicating poverty, ending hunger, ensuring food security, promoting sustainable agriculture, and providing complete and productive employment for all.
In striving for a more sustainable future, blockchain makes things more transparent and accountable in various areas.
One company that is driving progress toward the UN’s SDGs is Dimitra, a leading blockchain based enterprise system for AgTech. Dimitra leverages blockchain and other innovative technologies to provide productive and inclusive farming. Empowering farmers to automate and streamline processes through actionable data driven insights.
With customers in 18 countries, including huge markets such as Brazil, India, and across Africa. Dimitra’s five market-leading platforms ensure farmers. And businesses have access to the latest technologies to combat deforestation, increase yield, reduce costs and mitigate risks.
Dimitra harnesses a wide range of technologies to aid the productivity of farmers across the world. Its leading Connected Farmer Platform offers a wide range of services. Including financing, insurance, registering, tracking the value chain of crops and data analysis. On top of this, Dimitra also has platforms focused on deforestation certification, livestock, and specific crops such as coffee.
The integration of blockchain technology in agriculture has the potential to be the driving force to achieve multiple SDGs. By leveraging blockchain, progress can specifically be made toward SDG 1 (No Poverty) and SDG 2 (Zero Hunger) by improving transparency and traceability in the supply chain, ensuring fair compensation for farmers and efficient distribution of resources. Furthermore, SDG 3 (Good Health and Wellbeing) and SDG 6 (Clean Water and Sanitation) can be supported through safer and more sustainable farming practices.
SDG 8 (Decent Work and Economic Growth) can benefit from increased market access and financial inclusion for farmers, while SDG 12 (Responsible Consumption and Production) and SDG 13 (Climate Action) can be addressed by promoting sustainable agricultural practices and reducing carbon footprints. Therefore, the intersection of blockchain and agriculture offers a powerful tool for advancing the UN SDGs and fostering positive change worldwide.
Dimitra’s ethos ensures its initiatives contribute positively to better environmental, social and governance aims. The company does this by building a community of mission-driven organizations, leaders, agro-entrepreneurs and educators. That will improve the lives of farmers, their families and communities around the world.
Dimitra has been building a strong ecosystem of partners, governments, NGOs and stakeholders all working together. To drive progress toward the UN SDGs and to create an environment. Where these SDGs can promote inclusive collaboration, community support and a better world for all.
Dimitra Avocados – Dimitra, the leading blockchain-based operating system for AgTech has announced its new partnership with One Million Avocados (OMA), a sustainability-focused technology organization based in Kenya. OMA helps avocado farmers increase production and quality through utilizing cutting-edge emerging technologies.
Therefore which means as part of the new partnership. OMA will be utilizing Dimitra’s revolutionary tech stack to enhance its offering to farmers across East Africa. Through Dimitra’s tailored Connected Farmer platform, farmers will now have greater access to solutions to further promote sustainable farming practices. Primarily in pest and disease prevention and data reporting.
To launch the new offering, Dimitra has added Swahili to the growing list of 18 languages the platform is available in. Ensuring ease of access across the region.
OMA currently operates in Kenya and its surrounding countries, driving innovation and immutable traceability in avocado farming through blockchain technology. Alongside its AI farm management platform, which delivers real-time insights. Dimitra’s tech stack expands and complements OMA’s offering to farmers across East Africa. Aiming to help farmers overcome traceability issues to ensure maximum value of produce and to align with international regulatory frameworks.
Now active in 18 countries, Dimitra empowers farmers to improve their farming processes. Built on blockchain technology and using AI, machine learning, satellite and drones, IoT, genomics and mobile tech. Dimitra is driving innovation globally by removing data silos.
Announcing the partnership, Jon Trask, CEO of Dimitra, said “We are proud to be working alongside One Million Avocados to empower farmers across East Africa and provide them with the tools and support they need to succeed in the avocado industry, worth more than $140 million USD annually. As the global avocado market is expected to grow 10% annually for the next 3 years, Dimitra’s revolutionary tech stack, through employing advanced machine learning and data science methods, means farmers now have access to the insights needed to improve their processes. Through this partnership with One Million Avocados, we are ensuring farmers can create more sustainable farming methods to increase yield, reduce costs and mitigate risks.”
Akayru Kevin Dylan Nyakaru, CEO and Founder of One Million Avocados. Added “Working with Dimitra and utilizing its leading tech stack. Also it will ensure we are bringing the best technologies to the farmers and stakeholders who need it most. Therefore, through these emerging technologies, in this emerging industry. We aim to help farmers reduce their orchard management costs while promoting enhanced traceability. And transparency in the avocados’ journey from farmer to consumer. With the global increase in realizations of the health, nutritional and environmental goodness of avocados. Our partnership with Dimitra ensures that farmers can double their farm productivity by increasing crop performance. Resulting in far reaching and impactful benefits across the board.”