AgriDex, a Solana-based marketplace for real-world assets (RWAs), has executed the first-ever agricultural trade on the Solana blockchain.
This event highlights blockchain’s potential to revolutionize agricultural trade, offering near-instant settlements and reduced fees.
AgriDex Leverages Blockchain to Enhance Efficiency and Transparency in Agri Trades
The transaction facilitated the shipment of 200 bottles of extra virgin olive oil and multiple cases of wine from a farm and vineyards in South Africa to London. The wine is expected to arrive on July 29, with the olive oil following a few days later.
AgriDex settled the transactions almost instantly, charging only 0.15% to each party involved. This is a stark contrast to traditional systems, where fees can be several percentage points per trade.
Read more: What is The Impact of Real World Asset (RWA) Tokenization?
In addition to these commodities, AgriDex is also facilitating the sale of farmland in Zambia by a Mauritian sustainable development entity and the sale of bakery machinery from South Africa to Zimbabwe. Both transactions are valued at over $500,000.
Despite its multitrillion-dollar valuation, the agricultural industry faces challenges due to opaque and fragmented supply chains. Consequently, this results in high transaction costs and slow settlement times.
A lack of transparency further exacerbates these issues, leading to inefficiencies and potential fraud. Additionally, this situation causes price manipulations, making farmers struggle for fair prices for their produce and forcing consumers to pay more than necessary.
In an email to BeInCrypto, Henry Duckworth, co-founder and CEO of AgriDEX, shared that the company’s vision is to remove unnecessary friction in agricultural trade. It also aims to ensure a fair marketplace.
“With every 1% of global trade we onboard, billions of dollars are saved, and millions of lives are positively affected. We see this as only the beginning and can’t wait to fully onboard our range of partners, from the big to the small,” Duckworth said.
BeInCrypto reported earlier in June that Solana highlighted its scalability, low gas fees, and high transaction speed as a competitive edge to be an ideal platform for deploying RWA tokenization, including AgriDex. Moreover, its ecosystem supports tokenization through decentralized exchanges (DEXs), oracle services, on/off ramps, and bridges.
Read more: Real World Asset (RWA) Backed Tokens Explained
These are essential for the frequent trading of tokenized assets. The development of specialized infrastructure, including RWA-specific tools, further supports the growth of tokenization on Solana.
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