This Startup Is Expanding Banana Production Facility With Blockchain
Blockchain has managed to enter the agricultural sector and help boost the industry and shape its future. One such blockchain-based startup is Bananacoin which aims to resolve agricultural issues. It is primarily token-based crowdfunding that wishes to expand the banana-growing business in Vientiane province, Laos PDR. The company, as it is based in Laos, the team has faced its own sets of challenges when it comes to funding. Banks have certain criteria when it comes to funding and the problem with private financiers is the fact that they turn a blind eye to the Southern region.
Their business ideas finally were given a platform through blockchain. The initial thought was to establish this project locally but several visits to different parts of the world have helped them realize that this is a global issue. They are hence willing to provide a helping hand to farmers globally through their blockchain solutions. Proof of quality tracks which are some of the popular blockchain features will also be a part of Bananacoin. They will also have a whole chain system built for better flow between the farmer and the final consumer.
The Bananacoin team is diverse. Contradictory to what one would expect the team is not full of crypto enthusiasts. They are keen on solving global issues and hence a 24/7 working team with people from different parts of the world is a must. Evgeny Khashin, the crypto head is an IT developer and entrepreneur.
Eugene who is responsible for smart-contract and their account section specializes in Big Data and Stateful services.
Bananacoin (BCO) is a utility inside their plantation. One BCO is 1 kilogram of bananas that we will grow on the plantation the funds of which are collected during ICO. Trading of the token is possible at the plantation but the delivery method is something that they will think for themselves. Delivery option is what Bananacoin will work on a step by step but the current focus of the entire project is ex-plantation.
The token holder even has the liberty to make agreements with Bananacoin in case they don’t need the product. Agreements where they can sell their bananas at an export price to China and compensate the cost.
One other challenge that Bananacoin did face was about grabbing attention. A startup has to stand out from the crowd to make that lasting impression on people. Banancoin had initially struggled a bit to make people aware of their project and their future goals. Now they are in a good position and believe they did a good job in grabbing eyeballs.
The CEO of Bananacoin, Alexander Bychkov is a 36-year-old father who has an experience of had been involved in establishing companies in wholesale and retail sales for over 17 years. His primary duty in Bananacoin revolves around marketing and communications.
He had heard about the crypto world but had hesitated to get into it. In 2018 he started Bananacoin and that is when he learned more and more about the industry. His world travel helped him a lot in getting a good reputation in the blockchain space.
Bananacoin’s vision of the future is one where multiple projects are a part of it to make it a good trading company.
When asked about what he learned from working in the industry so far he said, “only work with trusted people, we lost so much money working with people we didn’t know well at the beginning”.
His tip to other aspiring entrepreneurs is to never give up. “It may sound simple”, he said, “but if you are going down, come back stronger than ever”.