As a matter of fact, we are currently facing the soon-to-be worst pandemic of the 21st century. While our daily routines start to collide with boredom in quarantined countries, we cannot help but notice the worsening impact this crisis has on our local markets.
Consequences on food and economy in developed countries
Empty shelves, unending waiting lines, and people fighting over food… Since the beginning of this crisis, such situations are spreading worldwide.
As a result, worries are starting to rise, and countries like Romania and Russia have decided to ban their grain exports. “This confirms that concerns exist about supply”, said Sergey Feofilov, director general at UkrAgroConsult in Kyiv.
Supplies are dwindling. Therefore, the remaining products’ prices are increasing.
Between March 2 and April 11, fruits and vegetables’ prices have seen up to 25% price increases in France.2 Which is impressive for an OECD member country with high agricultural production.
As of early April, wheat futures traded in Chicago (CBOT) were up 12% from mid-march1. In addition, the average U.S. market’s food prices rose 0.3%, while the cost of eating at home took 0.5%. Closure of restaurants and bars also affected wines prices, up 0.9%, and beers, up 0.8%.
According to FAO’s Big Data, some of these values have now increased to 4.3% and higher.
These are the direct consequences of security measures taken by governments to stop the virus’ spreading. It forced most companies to send their workers home, putting the economic activity on hold and disrupting supply chains.
A recent study on CoVID-19’s potential impact on our economy showed that with 1% lower global economic growth, the number of poor and hungry people could increase by 2% – approximately 16.4M people*-. Those affected being day laborers, as well as service workers in catering and retail/trade sectors.
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Hunger and malnutrition worsening in developing countries
We have seen above how impactful this pandemic can be in temperate climate countries, with advanced agriculture. So rough it can get, developed countries are still able to cope with the shock. Whereas southern developing countries are seeing their people directly threatened by hunger.
Previous pandemic Ebola in West Africa had a dramatic impact on food production. In impacted countries, the restriction of movement had conducted to a lack of workers in the fields. As a result, over 40% of agricultural lands were left uncultivated, exacerbating famine.
Yet, the situation is gradually worsening, emulating the past, as the closure of open markets and restrictions to freedom of movement is affecting the delivery of food supplies. It appeared to cause food prices to surge in Gambia, Ethiopia, and Kenya7 – in which country an average of 46% of household income is spent on food.
As addressed above, Romania’s decision to cut off grain exports is meant to secure their food supply. But as shown below, it strongly threatens their major clients, which are a vast majority of developing countries. Let’s not forget that Sudan is consistently struck by famine. As of March 2020, 51% of South Sudan was suffering from severe acute food insecurity.
Bloomberg, “Food Supply Fears Are Growing as Romania Bans Grain Exports”
These may seem like disparate examples, insufficient to portray the disaster about to unfold. Unfortunately, the WFP indicates that 265M people are currently at risk of starvation in low to middle-income
countries, representing a 50% increase from previous estimates.
Identifying problematics
Along with rising social tensions in most of the developing world, mass slaughter is about to happen. With little to nothing, we can do in the near future. However, let me show you how we could prevent that situation from happening again.
Developing countries are currently unable to harvest quantitative yields. The rough climatic conditions they are facing added to the deficiencies in micronutrients of their soils do not help.
Dealing with such conditions requires technology, which a farmer from these countries cannot afford. And it’s a shame, since deficiency-resistant crops, according to crop protection and irrigation methods are proven to greatly increase yields.
Bayer, “The Future of Agriculture and Food”
Fieldcoin’s technological approach
Once Fieldcoin’s Land Trading Platform** launches, it will allow developed countries, current food chain farmers, to secure their land property titles. We will then provide them access to the latest innovations13, securing and greatly enhancing their yield.
Once cadastral data retrieved, we will then extend to developing countries. Our first goal is to cure their agriculture’s real estate of corruption14, through our blockchain registry***.
At this point, we can make sure they have access to adequate crops and technology. For those who could not afford to pay, Fieldcoin will offer long-term leases.
The opportunities offered by Fieldcoin’s platform are unlimited, thanks to its digital cadaster and the tokenization of assets. Putting back the decisional power between the user’s hands, its current food chain will allow decentralized crowdfunding humanitarian initiatives to birth.
Help us secure tomorrow
Our top priority is to make food supply a secure, qualitative asset, accessible to anyone.
To make sure that we do not have to wait for any other crisis to realize how febrile foundations our consumption model is relying on, help us take back control of the current food chain of our farmlands.
You can either choose to support us financially by purchasing Fieldcoin Tokens (FLC) directly through our ongoing presale or simply share your presale referral link along with some information on the project.
Else, if you are wishing to invest in your time or further discuss the project with current food chain the team, I invite you to reach us via our Telegram.
Here are some useful links you would also like to review:
● Fieldcoin’s website: https://www.fieldcoin.io/
● Presale Transaction Panel: https://fieldcoin.io/account/public/login
Sources:
● Bloomberg, 2020: “Food Supply Fears Are Growing as Romania Bans Grain Exports”
● UFC Que Choisir, 2020: “Fruits et Légumes, des hausses de prix importantes”
● Reuters, 2020: “How COVID-19 affected U.S. consumer prices in March”
● FAO, 2020: “Coronavirus. Food Supply Chain Under Strain. What to do?”
● IFPRI, 2019: “How much will global poverty increase because CoVID-19?”
● UN, 2020: Global Humanitarian Response Plan
● WHH, 2020: “COVID-19: The current health crisis could trigger a food crisis”
● USDA, 2016 in Bayer’s “The Future of Agriculture and Food”
● FAO, 2020: “South-Sudan – Situation report March 2020”
● WFP, 2020: “Coronavirus Set to Double Acute Hunger by End of 2020”
● WHO, 2015: “African Region Nutritional Strategy”
● HFFA Research GmbH, 2016 in Bayer’s “The Future of Agriculture and Food”
● Medium Article “Fieldcoin’s Food Traceability”
● Land Trading Platform Preview
● *Based on 2018 UN numbers
● **More information on our platform is set to be provided in an upcoming article.
● *** More information on our Blockchain Registry is also set to be provided in an upcoming article.