Breaking down barriers and driving innovation — that’s what we’re all about. At Newrl, we are dedicated to consolidating the best technology in agronomic farm management and making it accessible on a global scale through a user-friendly solution. Hence we are excited to announce our partnership with HyFun Foods.
As believers in the power of blockchain for financial inclusion, we couldn’t be happier to team up with one of the leading producers of premium frozen snacks in the industry. In HyFun’s endeavor to digitize its Seed-to-Shelf value chain, as a first step, we have started with a solution from farmgate to processing plant, including cold storage in the interim. The objective is to create a single source of truth for the multiple parties involved in the handling of perishable agriculture goods — farmer, transporter, cold store team, plant quality team, and central accounting team. Together we plan to leverage the power of blockchain to create new opportunities and transform lives.
Our approach is to carefully identify technologies and companies that align with our mission of providing powerful agronomic value through simple digital solutions. We have established a reliable system for integrating these technologies and enhancing our robust agronomic farm management platform, which aims to increase productivity, minimize environmental impact, optimize resource use, boost profitability, and facilitate data connections for any farm, anywhere. We remain committed to our goal of creating a more sustainable future for agriculture.
According to a recent report by MarketsandMarkets™, the global market for farm management software is expected to see a significant growth trajectory in the coming years. The market, which is valued at USD 3.0 billion in 2023, is projected to reach USD 5.1 billion by 2028, at a compound annual growth rate (CAGR) of 11.1% during the period from 2023 to 2028.
The Newrl system empowers farmers to make informed agronomic decisions and streamline their operations. By aggregating and activating farm data, we provide farmers with valuable insights into when and how much to water, which fungicides to use, and whether plants are receiving sufficient nutrients. Farmers also use the technology to track and report on their operations, which can be shared with partners or regulatory bodies. Our platform is designed to benefit farmers by enabling them to easily manage their data and leverage the agronomic planning capabilities to optimize crop yields, save time and money, and enhance the sustainability of their operations.
Crop traceability is significantly enabling the agricultural value chain to track and measure the performance of crops from “farm-to-fork”; right from planting, cultivation, harvesting, supply chain efficiencies, and ending with consumption of products right on the table. The importance of food traceability is growing in magnitude as consumers want to know everything about the journey of their food from the farm to their tables. People want to know about the ingredients, chemicals, fertilizers, pesticides, and other additives that go into the production of their food, including the geo-location from where the foods have been sourced. Traceability helps in building trust and confidence among all these players within the supply chain, which includes customers, agricultural companies, wholesalers, and farmers. The blockchain traceability commences at the seed level and goes all the way up to the final stage, right through the entire supply chain. An advanced form of traceability of this nature can enhance transparency in the industry. Consumers can benefit by knowing about the quality of seeds, the handling of food products, production processes, and whether or not the produce is truly organic.
In addition to benefiting farmers, the Newrl system also benefits the entire agricultural supply chain. By helping suppliers such as fertilizer and ag chemical companies to advise growers on the most efficient ways to use their products, we promote sustainable practices and ensure greater transparency in the supply chain. Food processors can reduce their Scope 3 emissions by collaborating with farmers to reduce inputs and increase operational efficiency, and by gaining greater visibility into farm-level practices. These efforts support the climate pledges made by many of these companies to reduce their environmental impact while ensuring the profitability of farmers.
Blockchain solves this very easily — armed with cryptographic tools like public-private keys, zero-knowledge proofs, and asset tokenization — one can imagine an open-architecture ecosystem to move value and authentication seamlessly. The growth of this market is being fueled by a number of key factors.
- The rising adoption of cloud-based systems for farm management is contributing to the overall growth of the market.
- The increasing use of sky drones and remote sensing technologies for real-time farm data management is also driving market growth.
- The growing demand for food is due to the continuously increasing global population.
- The rising implementation of Artificial Intelligence (AI) and the Internet of Things (IoT) in agriculture is also boosting the demand for farm management software.
The decentralized future of the agri-value chain is bright! Whether it’s traceability, supply chain efficiencies, or lending, blockchain-enabled solutions reduce friction and improve trust far more effectively than other technologies. The government initiatives aimed at encouraging agricultural techniques and livestock monitoring are contributing to the overall growth of the market by boosting farm efficiency. In our upcoming endeavors, we are building a solution on Newrl for uniquely mapping farmland to farmers. This, amongst other things, can track the inputs and farming practices to a specific harvest.