IBM Research has teamed up with U.S.-based agritech firm Hello Tractor to boost the African agriculture industry with blockchain.
IBM Research has teamed up with United States-based agriculture tech firm Hello Tractor to boost the African agriculture industry with blockchain. The partnership was described in a Dec. 11 blog post on IBM’s official website.
According to the post, the IBM Research division in Kenya is working with Hello Tractor’s developers in order to apply various tools and technologies, including blockchain, to the Hello Tractor mobile platform that enables farmers to access tractor services on demand.
Specifically, IBM Research scientists will incorporate blockchain and the Internet of Things (IoT) technologies to Hello Tractor’s tool platform. IBM Research also intends to integrate the platform with its own cloud solution IBM Cloud, as well as Watson Decision Platform for Agriculture, a jointly developed agribusiness tool based on artificial intelligence (AI).
The new jointly developed platform will reportedly represent an “agriculture digital wallet” featuring a blockchain-based AI platform that will provide a high level of transparency of instantly shared data between all parties involved in a certain agribusiness value chain.
In particular, the pilot is expected to address to a wide range of processes in the agriculture industry, such as crop yield prediction by farmers, fleet utilization management and predictive maintenance, and compilation of credit portfolio for farmers and tractor owners by banks, as well as investment and regulation processes by governments.
According to IBM, less than 20 percent of crops are managed by tractors and other machinery in sub-Saharan Africa to date, while food demand is constantly increasing due to population growth averaging 11 million per year. Moreover, around 50 percent of farmers face significant harvest losses each year, which is caused by poor planting practices.
Last week, Overstock.com’s blockchain venture wing Medici Ventures bought $2.5 million in equity in agricultural blockchain project GrainChain, which enables supply chain parties to track the distribution process of harvests.