The 2018 Davao Agri-Trade Expo (DATE) will have blockchain and internet-based marketing on spotlight during its Agribusiness Innovation Conference this September 21, 2018. It is said that using these emerging technologies will help draw young people towards the agriculture industry.
According to Mr. John Tria, a member of the Davao City Chamber of Commerce and Industry Inc. (DCCII) and also the 2018 DATE chairperson, the move of using blockchain and internet-based marketing are being eyed to finance agribusiness ventures and to also make it appealing to the younger generation to venture into the agriculture industry.
He added that the team invited Ms. Ann Cuisia, the chief executive officer of TraXion talk about how blockchain can help unlock the potentials in the agribusiness sector.
This new technology will encourage investment from people who don’t have a sizeable capital to invest in traditional financial markets, the 2018 DATE chairperson said. This will also help push the investors to pool their resources to help fund agricultural investments.
“Young people are very savvy with the technology they easily understand and I think this is the hope that we are seeing over the last two years. The more young people are involved in agriculture and agribusiness the future of agriculture is going to be much brighter,” – Mr. John Tria, Chairperson – Davao Agri-Trade Expo, Member – Davao City Chamber of Commerce and Industry Inc.
TraXion together with Union Bank, TechUp Agri, and GeiserMaclang recently concluded a TechUp Pilipinas Agri-Summit on August 25-26, 2018 at Azuela Cove Davao.
Ms. Cuisia said that the event was focused on the young generation to adopt the technology and help boost the country’s agriculture. She added that fintech and blockchain companies are going to Mindanao to develop use-cases and test scalability.
Along with TraXion, the DATE team will also invite technologies from Israel, Taiwan, and New Zealand. The DCCII President Arturo M. Milan believes that the technologies these countries will bring will help boost agriculture in Mindanao.
“This is really designed for the Philippines… for us to expand our mindset and exposure to what they are doing abroad… considering our number one concern in agriculture in the Philippines and Mindanao is how we can increase productivity,” – Mr. Arturo Milan, President, Davao City Chamber of Commerce and Industry Inc.
It is previously reported that UnionBank piloted its Project i2i in Mindanao that targets the unbanked rural banks in the area. Project i2i uses the power of the blockchain to connect the “unconnected” rural banks to key banking networks such as Bancnet and Swift.
One of the banks who piloted Project i2i, Cantilan Bank in Surigao del Sur shares how the use of blockchain helped achieve efficiency. According to the bank’s executive vice president, Ms. Tanya Hotchkiss, bank-to-bank transfers usually can get up to a month of waiting with 26 processes, five departments with five employees. With the blockchain in place, the bank can now do it with one or two employees and it’s done within five minutes.
Another use case that may help startups and other small to medium enterprises (SMEs) is Acudeen. A blockchain powered platform where SMEs can sell their invoices and/or receivables to the market for a faster liquidation.