By Dipo Olowookere
It is an open secret that the agricultural sector of the Nigerian economy is faced with many challenges, but one company has taken a huge step to start solving them gradually, though not in a conventional way.
A firm known as Gric Coin is using blockchain technology to address the issues in the agricultural sector.
Created by professionals and farmers with over 35 years’ farming and agricultural industry experience, the Gric Coin Project is a decentralized open source blockchain initiative with focus on the agricultural sector.
The agricultural blockchain project wants to improve agricultural practice and increase agricultural output globally with the major focus on Africa.
According to the company, the Gric Coin Project is in three parts; the farm and Blockchain Project, the Gric Coin Utility Project and the service adoption project.
The Farm and Blockchain Project involve purchasing and setting up a 1000 acres farm with processing and packaging industry to process and package items to the standard we need for our Blockchain website for product verification, authentication and reduction of food fraud.
The coin utility project allow investors to visit the FarmPartner website, pick from a range of farm businesses in various part of the African continent, each of the farm business comes with specific cost and return on investment.
Investors can pick a farm of their choice and invest in it with our Gric Coin. At the end of the agreed period, the investors will be paid back their initial investment and agreed return on investment.
The service adoption project is the last part of the project where the firm allows other agricultural businesses to adopt the service and standard created as a benchmark for their own project.
According to the company, Gric Coin plans to raise up to $25 million via fundraising through ICOs and use the funds to boast the agricultural sector in Africa
It was said that Gric Coin has a strong business model backed cryptocurrency token with steady and visible future cash flows and profits from the farming, food processing, and agricultural activities
Its tokens, which presently go for $0.02 per unit, will also serve as a means of exchange to buy or sell agriculture or get access to various related products or services and the tokens can be sold for a profit when they rise in value.
