African Farmers are Seeing the Benefits of Blockchain

AB InBev is giving local African farmers a hand in order to help them prove their income thanks to the power of blockchain. According to a report that came out earlier this week by Yahoo Finance, the blockchain-based system has been developed in collaboration with BanQu that keeps track of all the local suppliers of AB InBev and therefore replaces the trail that would have been left behind.

For those that don’t know, AB InBev (Anheuser-Busch InBev) is an international business that specialises in famous beer brands. Some of the big brands you’re likely to have heard of include Budweiser, Stella Artois and Corona.

As per CoinTelegraph:

“The company has adopted a strategy of using local suppliers, receiving tax breaks for their added contribution to the country’s economy. However, this proved to be more challenging in Africa, a continent where banking infrastructure remains underdeveloped and paper documents are difficult to obtain for rural farmers.”

Carlos Brito, the CEO of the global firm went onto explain the following at the World Economic Forum in Davos:

“And now this farmer, who was never bankable — because she couldn’t prove income of any source, had no reports, or material or paperwork — now in a flip phone, she has in the blockchain proof that she is a supplier to AB InBev, a global company.”

The BanQu product is believed to have been integrated to help thousands of farmers across Uganda, India and more.

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!