Blockchain to Help UK Farmers Grow in Europe’s Changing Landscape

Blockchain to Help UK Farmers Grow in Europe’s Changing Landscape

A recent study highlighted by FarmingUK shows that a fifth of UK farmers are exploring alternative revenue streams in order to remain financially sound. And by diversifying into areas such as renewable energy, holiday letting and outdoor leisure activities, British farmers need to be increasingly creative to do so.

It is in this context that one ICO, Fieldcoin, has proposed a new take on exploiting blockchain technology to support agribusiness at a time when current national policy for rural areas appear to be in flux.

Blockchain Inspires New Options

As agreements with the EU over Brexit are few and far between, the UK Governmental bodies are holding consultations with farmers on how to replace the subsidies they currently receive under the EU’s Common Agricultural Policy (CAP).

The reactions to the new government proposals were summed up by former diplomat and vocal advocate of UK farming, Emyr Jones Parry who told the BBC that farmers had “hated CAP [but] what is coming will be just as bad if not worse.”

Stepping into this void, the project team at Fieldcoin are proposing a new blockchain-based marketplace to connect landowners with investors to streamline the process of acquiring, renting or managing land as well as investing in agribusiness projects.

Two tokens will be at work on the Fieldcoin platform which will both be tied to the Ethereum blockchain. The ERC-20 FLC token is available in the initial sale and will be used to power the ecosystem, whilst a ERC-721 non-fungible token will drive smart contract-managed agreements used for specific parcels of land.

The public pre-sale, termed a Field Coin Offering (FCO) as opposed to the usual ICO, begins on November 26th and is scheduled to end on December 4th. Only $1 million worth of the FLC token will be available during this phase priced at $0.05 each and 100% bonuses will apply.