London-based startup, Binkabi, will this Wednesday May 30, host a meet up in Lagos to discuss how blockchain technology can be leveraged to make agriculture commodity trading fairer and more profitable.
The educational and networking evening, according to a statement, would feature Binkabiâ€™s Chief Economist, Dr. Andrew S. Nevin and CEO Quan Le, examining how a tokenised, decentralised commodity trading platform can counter challenges to the commodity supply chain in Nigeria, Africa, and developing economies worldwide.
It noted that commodities play a key role in propelling growth in emerging markets, yet complex cross-border supply chains are beset by lack of trust, poor financial and market infrastructure, lack of coordination among market actors, and opaque legal enforcement.
â€œBinkabi seeks to address these challenges by leveraging blockchain technology to enable direct, secure, and cost-effective physical commodity trading.
â€œSpecifically, blockchain-based trading can help remedy an overreliance on the United States dollar as a trade settlement currency, reduce excessive middlemen in the cross-border trading process, and eliminate inefficient paper-based processes. â€œOne offshoot would be that source countries retain more value for the foods they grow and more profits are returned to farmers and SMEs, who bear the brunt of commodity price shocks. The Lagos meet up will be from 5pm â€“ 8pm at CcHub in Yaba, Lagos,â€ the statement added.