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Monday, 11 March 2019

AgTech start-up Bon Harvest to launch blockchain-based inventory system in US and Egypt

EXCLUSIVE- US-based AgTech start-up Bon Harvest is raising a seed round of USD 1.5 mn to launch a blockchain-based inventory system in the US in April 2019 and Egypt in 2020, according to an emailed statement from the company’s Egyptian-American CEO, Teymour el Derini. The two-year-old business aims to use blockchain technology to build an inventory system that will create a market for “ugly” fruit and veg, aiming to reduce food waste at the farm level and make it easier for smaller suppliers to compete in the marketplace.

Bon Harvest plans to begin working with Egyptian farmers and food industry leaders by 2020. It is looking to work with the government to introduce blockchain-based inventories into the country’s agriculture sector, which it believes will help reduce food price volatility, increase revenues and cut back on waste.

How will it work exactly? First, the blockchain-based inventory system will facilitate communication and make possible smart contract payment between farmers and buyers. Secondly, the Bon Harvest Exchange, an anonymous digital market reader (aggregating local prices) will match food supply with demand, reducing food waste of perishable produce and maximizing profits for farmers. Finally, the network will itself serve as a platform, strengthening the connection between farmers and the communities they supply.

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