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Partnerships & Providers
03 June, 2021
At Agryo, our vision is to connect over 500 million underserved farmers with global financial institutions to give them access to opportunities previously unavailable in their local regions. Our lending and borrowing ecosystem on Hedera Hashgraph generates reliable credit profiles on farmers and makes them accessible to agricultural lenders as detailed risk intelligence on potential borrowers. We also incentivize sustainable farming practices through our land record monitoring system, which analyzes crop fields by collecting hundreds of datasets and processing them using specialized algorithms.To further our expansion into the blockchain industry, Agryo is pleased to announce that we will be launching our own Chainlink oracle node.
Chainlink is the industry-leading secure blockchain middleware that allows existing APIs to become quickly compatible with leading blockchain networks. Through the Agryo Chainlink node, we can broadcast our agricultural datasets directly within blockchain environments and sell them to smart contract applications. We can also cryptographically sign our data to prove it came from the Agryo API, making it more reliable for automating data-driven financial transactions on blockchains.Smart contract developers will be able to call our Chainlink node to receive global agricultural data for crop yields, soil quality, weather reports, carbon offsets, farm credit assessment scores, and more. This data can be used to support a variety sustainability-focused products and applications on blockchains, such as parametric insurance where payouts are determined directly by crop yield data, tokenized climate bonds and carbon offsets automatically issued to farmers who demonstrate sustainable agricultural practices, and lending platforms that allow farmland and projected crop yields to be used as credit for obtaining undercollateralized loans.
Using Chainlink to Make Sustainable Agricultural Data Available to Smart Contract Developers
Agryo is an agri-finance lending and borrowing ecosystem built on Hedera Hashgraph’s high-throughput and cost-effective blockchain. Our complex data driven algorithm combines various global data sources like satellite imagery, weather, soil, moisture etc. and have various artificial intelligence models that provide risk insights to financial institutions, agribusiness, insurance firms and trade financiers.
We recognized an opportunity to bring our existing agri-finance data to smart contract applications to help grow our ecosystem and empower environmentally-focused financial products on blockchains. Decentralized applications can leverage our data in a number of novel ways, including price, settle, or secure agricultural-based insurance products, derivatives, and loans. Additionally, developers can create new reward systems that automatically pay farmers who meet sustainability goals like carbon offset targets or crop yields.
These use cases are only made possible by connecting our real-world data to blockchain-based smart contract applications, which use that data to automate on-chain functions. However, since blockchains have no built-in capabilities to call external APIs—commonly referred to as the blockchain oracle problem—we required an oracle solution that could bridge our existing APIs to blockchains.
After reviewing various oracle solutions, we selected Chainlink because it is the most time-tested and widely used oracle network, already securing billions of dollars for leading DeFi and insurance projects across multiple blockchains. The Chainlink Network also supports the most extensive data marketplace, with many traditional data providers and smart contract applications using it to interact with one another.
Some of the benefits of launching a Chainlink node include:
Data Integrity — The Chainlink node will cryptographically sign all data we supply on-chain to verify its origin and prevent man-in-the-middle attacks.
Blockchain Agnostic— the Chainlink node is compatible with any blockchain environment, serving as a single gateway to sell data to any current or future blockchain.
Widely Adopted — Chainlink is the most widely used oracle network in the blockchain industry, providing access to a vast addressable market of potential data consumers.
Provably Secure — Chainlink is thoroughly audited open-source software that already secures billions of dollars in value, showcasing its ability to trigger the automation of high-value smart contacts live in production.
We’re excited to leverage Chainlink to support the growth of blockchain-based finance, insurance, and supply chain markets by making our agri-finance data accessible on-chain for smart contract developers. We look forward to seeing all of the novel applications built using our data, specifically those that incentivize sustainable agriculture to help heal our planet.
“Chainlink’s secure blockchain middleware provides us with the infrastructure we need to seamlessly connect our data to any blockchain environment,” stated Isaque Eberhardt, CEO and Co-founder of Agryo. “By running a Chainlink node, we can unlock new revenue streams while also facilitating the growth of a globally accessible and transparently fair financial markets for agriculture that benefit farmers, financiers, and the general public at large.”
Chainlink is the industry standard oracle network for powering hybrid smart contracts. Chainlink Decentralized Oracle Networks provide developers with the largest collection of high-quality data sources and secure off-chain computations to expand the capabilities of smart contracts on any blockchain. Managed by a global, decentralized community, Chainlink currently secures billions of dollars in value for smart contracts across decentralized finance (DeFi), insurance, gaming, and other major industries.
Chainlink is trusted by hundreds of organizations, from global enterprises to projects at the forefront of the blockchain economy, to deliver definitive truth via secure, reliable oracle networks. To learn more about Chainlink, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter. To understand the full vision of the Chainlink Network, read the Chainlink 2.0 whitepaper.
Agryo uses the sophisticated proprietary data technology to forecast the risk of every potential borrower over their credit score and risk assessment operations for all loans, and the contracts and the plots are monitored under data algorithms with remote sensing data and other 520 different data sources.
The risk intelligence solution developed by Agryo enables to generate agribusiness credit contracts under a clear evaluation of any crop field, provide better opportunity for lenders to diversify their portfolios and at same time provide the most important capital to farmers to grow their business and feed the world. The Agryo proprietary technology is a base engine to provide other essential services to farmers, like, data tailored insurance, green bonds, hedge and futures contracts for crop production, buy/sell crop contracts and agribusiness risk intelligence services.Interested ? Schedule a Demo!