Agrotoken, the earliest worldwide tokenization forum concerning agriculture commodities, has started an exclusive partnership. As per the company, it is collaborating with a well-known protocol for appchain infrastructure (Tanssi) while endeavoring to revolutionize Polkadot agro-finance in South America.
Agrotoken and Tanssi Join Forces to Innovate Polkadot Agro-Finance
The platform disclosed that the agreement between the two entities will utilize the technology of Polkadot. *DOT* is a protocol linking blockchains for data and value transfer. Initially, the collaboration will pay attention to Argentina and Brazil. Agrotoken will reportedly leverage the devoted appchain technology of Tanssi. In this way, it will create a blockchain-based solution concerning collateralized loans via tokenized grains.
The respective operation requires complicated procedures to track loan terms, grain values, repayment schedules, and ownership transfers. The general-purpose blockchain normally cannot conveniently handle the respective things. Agrotoken will now get its separate appchain to effectively digitize commodities. In addition to this, it will also manage the lifecycle thereof.
Agrotoken works in prominent agricultural markets with agribusiness denoting a huge GDP portion there. They operate in well-known jurisdictions such as the United States (5.5%), Argentina (6.6%), and Brazil (22%). Because of the market size and complexity, Agrotoken needs a reliable, scalable, and resilient infrastructure. Ariel Scaliter, the co-founder and chief technology officer of Agrotoken also commented on this initiative.
The Initiative Will Open Doors for the Tokenization of Natural Resources Speedily and Smoothly
The executive expressed his enthusiasm regarding this development. He noted that the scalable infrastructure as well as the simplistic implementation of Tanssi will benefit Agrotoken. This partnership will reportedly permit the firm to delve into the tokenization of natural resources with more flexibility and speed.
Agrotoken has reportedly tokenized up to $70 million in terms of cereals. This equals 230,000 tons containing wheat, corn, and soybeans. With the scaling of this activity, the support from Tanssi will enhance the growth of Agrotoken while sustaining optimum performance. It will also offer necessary infrastructure instruments to Agrotoken to swiftly launch its appchain.
Additionally, it will also assist block production apart from chief integration like wallets and oracles. This partnership leads to the development of the earliest agribusiness-related use case in the ecosystem of Tanssi. The project has reportedly carried out the appchain deployment of Agortoken on Tanssi’s testnet “Dancebox.”