Challenges

Current agricultural markets are highly intermediated and not efficient, with producers receiving prices not adequate to remunerate their efforts, and food processors paying higher prices. Agricultural sector is moreover subject to climate change and geopolitical factors, that are significantly increasing the uncertainty and volatility of prices. Hence, Sicilian Wheat Bank solution aims at democratizing price formation, redistributing profits more fairly among the players in the supply chain.

Primary target

Which group does your product/service primarily target?

Description of Innovation

"Sicilian Wheat Bank solution puts farmers, investors, and food processors in direct contact one with each other and with service providers, creating an integrated ecosystem in which cereals and legumes become the main tool. The project will be developed into three phases.
The first phase in which a digital agro-marketplace was created, to onboard users in a very simple and understandable environment. The second phase in which , thanks to the NFT technology, existing product batches and/or production contracts (contracts that guarantee, in front of a payment today, a certain quantity of product upon harvesting) are digitized and exchanged on a decentralized marketplace.
The third phase in which equity NFTs will be issued, and an e-procurement marketplace will be created, in which it will be possible to buy and sell goods and services, paying for them with fiat currency or NFTs, as well as requesting “cashless” loans, where a producer can receive goods or services paid directly by a bank, and pay back the loan once he or she sells NFTs with underlying harvested wheat and legumes."
SWB is a decentralized Fintech ecosystem for agrifood products. It puts farmers and food processors in direct contact, by tokenizing agrifood products (NFT would be exchanged on a DLT marketplace).

Results

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