Blockchain technology is gradually taking top priority in several industries, including agriculture. There are now hundreds of startups setting up a proof of concept project. Task, a mobile-first software services provider, recently launched software that uses blockchain to remit payments across borders.
Although it was a trial project, it shows that the Stellar blockchain has the capability of driving sustainability in real-life farming models.
Stellar is an open-source decentralized technology that is utilized to connect banks, payment systems, and people. The platform was designed to facilitate secure, low-cost, and fast cross-border transactions.
Driving sustainability in the Agric sector
It was founded by Joyce Kim and former Ripple co-founder Jed McCaleb in 2014, and supported by the non-profit Stellar Development Foundation.
On the other hand, Task enables users to create initiatives on the platform and set credits like stablecoins on the project’s wallet. After the initiative, the program manager will now establish the activities that will track.
The tracking includes requiring certain documents or images to show that a particular task has been complete. After the remote ream finishes the assigned task and submits the proof of concept, the tTask portal immediately credits their wallets.
To carry out the trial project, a U.K.-based program manager who has farming communities in Thailand was invited by Task. The trial project was developed on the Stellar blockchain, which allows remittance of the funds at a significantly improved speed of fewer than 5 seconds and very low fees of $0.00002.
While speaking about the choice of the company on Stellar, Task founder and chief executive officer Steve Walker stated that one of the reasons for choosing the Stellar technology was the platform’s focus on low-cost cross-border payments. Generally, Stellar is set up to make fiat money more accessible and useful.
Transformation of the Agric sector using Stellar
And with Task payments done via stablecoins, it can suppress the volatile nature of crypto coins. As it stands, the Task platform offers support for BRLT stablecoins, Circle Internet Financial’s USDC token, as well as AnchorUSD’s USDX token.
During the trial project, Task enabled the administrator to set up an initiative to incentivize Biochar production. The company offered support for local dialects, which enable less-tech savvy farmers to have smooth interaction with the platform.
After producing the Biochar, the farmer can easily upload the document and images as evidence on the Task platform. After the platform has received the evidence, payment is released by the administrator. The system is a simple one that intends to carry all farmers along.