Due to its many health benefits, avocados ? are one of the most sought after fruits on the planet, with an average of 2.4billion pounds of avocados consumed by the United States alone in a week. It is often touted as ‘Green Gold’ due to the price that it can demand. However, the farmers who put in large amounts of hard work to plant the avocados are often being extorted of the fruits of their labour! This is because Mexico, a country that contributes to 45% of the international supply of avocados, is overrun by numerous drug cartels who have taken to exporting avocados to line their pockets. This has led to many honest farmers being extorted of their earnings or even their farms.
Furthermore, due to the many middlemen in the international supply chain, the profits that the farmers are able to reap are but a fraction of those people who are exporting them.
Current supply chain
Hence, with this project, we aspire to put power back into the farmer’s hands and allow them to earn what they deserve through their hard work. Some of the ways that we are:
- Use of blockchain certification to certify ethical farmers (Certified by APEAM)
- Use of smart contract to ensure that all stakeholders’ identities are protected
- Blockchain-encrypted tagging for all Avocados to allow easy tracking along the supply chain
- Tokenising transactions made between stakeholders using photon payments
- Ability to receive payment in tokens and to use it immediately
- Community blockchain-encrypted warehouse for secured storage of goods
With the above token system, traders are fully involved in the entire system to connect the people within the supply chain, this will likely allow the farmers to have more transparent transactions.
Introducing AVO United, A one-stop
AVO United consists of a digital wallet and in-built features such as tagging of avocados to their farmers. It incorporates blockchain technology to ensure security and transparency of the transactions of avocados being made on the app.
Our Main Aim
To allow farmers to receive payment in the form of tokens and
use it immediately, reducing the possibility of extortion
The one-stop app will allow farmers and their stakeholders to communicate and transact with ease by providing the transparency needed. Its simple interface will also allow for easy onboarding onto the system after an introduction to its functionalities and purpose.
By working with the businesses as listed such as the APEAM, SmartMesh and CYZERG for the storage of the Avocados. The operation will be more efficient and help to reduce the deadweight loss incurred by all sorts of delays and corruptions which are eventually taken up by the consumers and the growers who have the least power in the old system.
Future Market Opportunities
This system can be expanded to other commodities where workers are being exploited such as tea or even objects with high value such as diamonds or gold.
There are future plans to bring stores onto a digital marketplace on our platform to bring about easier access to goods and service. The ultimate goal is to tokenise the entire supply chain including major supermarkets and its consumers, to allow a more transparent and ethical supply chain.
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Rachel is a Year 2 student at SUSS pursuing a Bachelors in Business Analytics. Previously, she has held stints as a graphic designer at various design studios. After graduating, she hopes to pursue a career as a UX designer to create more data-driven solutions to solve business needs.
Veronica is a Year 2 student, who is currently pursuing a Bachelors in Busoness Analytics at SUSS. She hopes to pursue her future career as a data analyst to apply the analytical knowledge catering to the respective business needs.
Mathew is a Student from Temasek Junior College who is currently in his first year of taking the A level Examinations. He is taking Physics, Chemistry, Math and Economics at the H2 level.