Singapore, Singapore, April 9th, 2024, Chainwire
FarmTrack, a pioneering startup in the Web3 livestock management space, is pleased to announce its innovative approach to tracking and monetizing cattle through the use of non-fungible tokens (NFTs) on the Solana blockchain. By replacing outdated tracking and tagging systems with a simple QR-code-based ear tag, FarmTrack eliminates the need for costly infrastructure and revolutionizes the way farmers manage their livestock.
In collaboration with Rimaunangis SDN BHD in Malaysia, Farming Online FZ LLC in the UAE, and RXT Digital in Hong Kong, FarmTrack has successfully implemented its first pilot test at a cattle farm in Bandar Baru, Malaysia. The CEO of Rimaunangis SDN BHD, Dato Abdul Haadi Azhar, and FarmTrack's CEO, Sid Kapur, worked together to introduce the innovative tag system, which involves assigning a unique NFT to each individual cattle through a QR code. This NFT contains crucial information such as the animal's age, breed, health records, and ownership history, all stored securely on the blockchain. The initial test involved tagging 100 cattle to evaluate the effectiveness of the system.
Sid Kapur, CEO and Founder of FarmTrack, explained the origin of the idea: "We started in 2023 by first building a blockchain tracking solution for domestic pets, and shortly after realized there was a much larger industrial application for this technology. Shortly after, we adapted our technology for livestock use, and FarmTrack was born."
NFTs have gained popularity as unique digital assets that represent ownership or proof of authenticity for various items or content. FarmTrack is now bringing this technology to the agricultural sector, beginning with cattle. By leveraging the power of the Solana blockchain and FarmTrack's Web3 platform, livestock owners can easily manage and transfer ownership of their cattle while ensuring transparency and traceability throughout the supply chain.
The introduction of NFTs in livestock tracking not only enhances disease prevention and breeding optimization but also creates potential new avenues for monetization. Cattle owners can tokenize their livestock and sell them as digital assets, gaining rewards as the animals are bred, raised, and eventually sold for meat or dairy. Additionally, fractional ownership of cattle becomes possible with NFTs, allowing users to purchase shares of cows and receive a portion of the profits when they are sold or bred. This democratizes livestock ownership and opens up new opportunities in the agricultural sector.
Sid Kapur emphasized FarmTrack's commitment to empowering farmers: "The opportunities are endless when you turn any type of commodity into a digital asset, and we're certainly excited by the prospect of venturing into multiple avenues. At this early stage, however, we're committed to our core mission of empowering farmers with the right technology and opportunity to ease their load." He also expressed gratitude to their advisor, Agustino Wibisono, for his invaluable support and guidance.
FarmTrack's innovative approach to cattle management and monetization showcases the transformative potential of Web3 technology in traditional industries. By leveraging NFTs and blockchain technology, FarmTrack is looking to reshape the future of livestock farming, creating new possibilities for farmers, users, and consumers alike.
About FarmTrack
Established in 2023 FarmTrack leverages cutting-edge Web3 technology to streamline livestock management from field to chain.
ContactPR TeamFarmTrackpress@farmtrack.io
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