The agriculture sector is swiftly being integrated into the global financial system. Lydium promises to ease the transition by offering digital banking services specifically tailored to meet the needs of the agricultural industry
The dizzying pace of technological change is pushing all major industries towards digitalization – and agriculture has been no exception. Lydium, a blockchain-based finance/banking platform, seeks to ease agriculture’s transition into the Digital Age by providing industry players with the full range of digital banking services.
“Developed specifically with the agricultural sector in mind, Lydium lets users conduct important digital transactions – making and receiving payments, optimizing loans, etc. – quickly, easily and securely,” Lydium CMO David Roth says.
Lydium boasts its own digital currency, the LYD Coin, which, according to Roth, can provide agricultural producers with easy access to sorely-needed financial resources. “By adopting double-layer blockchain distribution technology, our platform makes banking transactions easier, faster and more cost-effective than ever before,” he says.
Digital Solutions to Traditional Problems
Global agricultural production is estimated to have increased more than ten-fold over the last 50 years, and is now said to be worth some $3.5 trillion. Nevertheless, it still struggles to meet the needs of the world’s rapidly growing population, which, according to UN figures, will hit 10 billion by the year 2050.
Roth believes the global agricultural sector will be vastly improved, in terms of both productivity and distribution, by transitioning to a fully decentralized – and fully digitalized – system of finance. “With this transition in mind, our platform relies on blockchain technology to resolve the scalability and efficiency problems that have long dogged traditional agricultural practices.”
The Next Agricultural Revolution
Lydium has the distinction of being the first fintech enterprise to apply the principles of DeFi (decentralized finance) to the field of agricultural production and distribution. “In the agriculture business, time is of the essence,” Roth explains. “That’s why all transactions carried out on the platform are cost-free and instantaneous, thereby optimizing both efficiency and scalability.”
Users can access the platform’s full range of services from a single mobile-phone app, while the Lydium Card can be used to make purchases on any digital venue that accepts credit cards. “The introduction of fintech to the global agricultural sector,” Roth asserts, “represents nothing short of a new agricultural revolution.”
Release ID: 89061771