The AB InBev Budweiser owner is offering African farmers the opportunity to prove their revenue by using a blockchain-based system that was developed in a partnership with BanQu.
The system tracks and replaces the AB InBev local suppliers and removes all the burden of paper trails. The giant company behind Budweiser, Corona, Stella Artois and others, AB InBev represents the most famous of beer brands. They help local suppliers receive tax breaks because they play a large part in the country’s economy. With the banking infrastructure in Africa being underdeveloped and based on paper, it has been challenging for AB InBev to help farmers in local rural areas.
BanQu Provides Blockchain Supply Chain Solutions
A company distinctive for offering solutions in blockchain supply chains, is BanQu. AB InBev has partnered with BanQu in order to use BanQu’s distributed ledger system that tracks the supply of barley and malt products from area farmers. This will also help farmers to provide their income information to banks, which will allow the farmer open lines of credits or bank accounts. Carlos Brito, the AB InBev CEO explained more about the situation:
“And now this farmer, who was never bankable — because she couldn’t prove income of any source, had no reports, or material or paperwork — now in a flip phone, she has in the blockchain proof that she is a supplier to AB InBev, a global company.”
Farmers Will Have Access to More Performant Farming Tools
Farmers will be able to make more money because they’ll be given loans. The system is also efficient against the corruption conducted by middlemen who don’t pay farmers what they are owed for shipments. With the tamper-proof blockchain-based technology, farmers will be able to prove how much money they need to receive.
The BanQu Product Has Been Implemented in Uganda and India
As noted by reports, the BanQu product has already been implemented in Uganda and India, even after in 2018 Binance opened its branch here, leading the central bank of the country to be very skeptical about decentralized cryptocurrencies. More than this, it has witnessed the famous Dunamis Coins pyramid crypto Ponzi scheme that has defrauded more than 10,000 people for about $2.5 million.