The Algorand Foundation, a non-profit organization aimed at supporting the Algorand blockchain network, recently announced its partnership with Boston University and Kenya-based agricultural company, Hello Tractor, to introduce the use of blockchain technology to bolster efficiency for African farmers.
Tokenomics Designed to Support African Farmers
Realizing the rising food shortages and underlying low technology in the African agricultural sector, Hello Tractor seeks to curb these deficiencies. The mission of the company is to establish a “digital ecosystem in the agricultural sector,” by aiding African farmers with tools and machinery such as tractors to increase the production and circulation of food.
One major way the company does this is by connecting tractor owners with African farmers, where both parties benefit from the business. However, the adoption of Hello Tractor’s services across various regions and African communities is dwarfed by certain factors such as bad roads, lack of privacy laws, and heavy dependence on fiat currencies.
With the latest partnership, Boston University will utilize a blockchain-based solution dubbed Tokenomics, which was built with the help of Algorand, to aid Hello Tractor in scaling through “institutional and infrastructure problems in Africa,” thereby enabling protected bookings and storage of information about tractor activities.
The partnership will also pave the way for benefits in the form of digital tokens for the parties involved.
“Access to tokens will improve Hello Tractor’s current mobile and web app platform by creating incentives for farmers, tractor owners, booking agents, and investors to address the bottlenecks to access,” the report added.
Will Tomlinson, Director of the Boston University Software & Application Innovation Lab (SAIL) commented on the partnership, noting that it will enable the U.S. university to contribute to the agricultural growth of the African region.
“Through software development, we get a chance to change lives, while also expanding our internal know-how within our Privacy & Security domain of expertise,” he said.
Algorand Expands Partnerships
In recent times, Algorand has stepped up its game by partnering with top institutions, like educational institutions. In late February, the Algorand Foundation partnered with New York University (NYU) to bolster the privacy of information by harnessing cryptography.
In an earlier report, the company partnered with an Italian university to establish a cryptocurrency research center.
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