AgriDex has made headlines with the successful completion of the first on-chain farmland transaction on the Solana network. The transaction involved a $165,000 land purchase in Zambia and was settled instantly at no cost through AgriDex’s digital settlement system. This platform, built on Solana (SOL), is dedicated to real-world assets, specifically focusing on the global agricultural industry.
The payment for the land purchase was transferred from the buyer to Sustainable Agricultural Development in Mauritius, showcasing how blockchain technology can facilitate cross-border transactions, making large-scale deals more affordable and efficient compared to traditional banking methods.
Traditional bank transfers often take several business days to process and come with high fees. By leveraging Solana’s infrastructure, known for its speed and cost-effectiveness, AgriDex is offering a new model to streamline agricultural trade.
“For the first time, a contract of farmland has been traded and settled on the blockchain,” said Henry Duckworth, co-founder and CEO of AgriDex. “This sets a precedent for improving how agricultural real estate is exchanged and financed.”
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A $2.7 trillion industry
AgriDex is gearing up to process an additional $2.6 million in farmland transactions in the near future. The platform claims that its partners are collectively saving over $40 million annually in transaction-related costs by utilizing their services, allowing for funds to be reinvested into operations and expansion.
This recent transaction adds to AgriDex’s track record of facilitating deals involving commodities such as olive oil, wine, coffee, and livestock. The platform’s ultimate objective is to address the inefficiencies plaguing the $2.7 trillion agriculture sector, including slow settlement times, high fees, and convoluted banking procedures.
By eliminating intermediaries and providing quicker access to capital, AgriDex believes that blockchain technology can revolutionize how agricultural businesses conduct cross-border operations.
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