Peatuce is using blockchain technology to solve age old problems that have consistently plagued the operations of smallholder farmers on the African continent; from poor financing to stringent policies, haphazard regulation, climatic changes and obsolete technology.
Like Agrikore, Peatuce believes these challenges often create a stifled environment for the functionality of local farmers playing in the Agricultural value chain and as such, farm productivity, efficiency, and profitability has been grossly irregular, most times, at a decline.
The aftermath of this irregularity is already negative, and could grow worse if it isn’t remedied timely — especially considering that the African population, which is expected to grow spontaneously by 2050 will have more mouths to feed, when in contrast, local food production is yet to circulate the present population.
Founded on February 1, 2018 by Charles Ogbaoku, alongside his formidable team; Kingley Ebere (COO), Patrick Emezieonyeije (Business Operations), Peatuce.com aims to improve the local food trade within and across Africa by increasing efficiency, service quality and enhancing profitability for farmers, suppliers and buyers.
According to Ogbaoku, “Peatuce was created out of three major concerns; the ageing profile of local farmers, poor financial livelihood of smallholder farmers, and the continuous increase in global population.”
“We believe in a future where local farmers play a large role in feeding our communities, and we are working to making that a reality. We are focusing on emerging markets with a target of over 20,000 local farmers on our platform in 2018.”
The world’s population will grow from today’s 7.5 billion to nearly 10 billion in 2050 according to the United Nations, as such, the demand for local food produce will be on the increase, and Africa would have to worry about feeding 1.5 billion people by 2030 and 2 billion by 2050, when in contrast, the continent currently depends largely on external aids and imports to cater for its 1.2 billion inhabitants. But here’s Peatuce, building a possible solution.
Operating out of Nigeria, Peatuce has had remarkable milestones since inception — with more in the pipeline. Despite being new, Peatuce now has over 500 local farmers in two states in Nigeria.
“The problem is, the local produce trade has remained under-served by technology, we intend changing that narrative,” Kingsley, the COO says.
According to the team, Peatuce will tokenise its operation by implementing blockchain, a decentralised sourcing platform, accessible on the mobile app and web, later this year.