Blockchain for environment? Bananacoin.io has taken the initiative

“Our mission is to grow organic and healthy variety of bananas known as “Lady Finger” in our plantations in Laos and to export them to China where demand is greater than supply”

The above is an official statement from the Banana.io team, referring to their ambitions, goals, and objectives that they want to achieve with this process.

Established by a group of professionals with over three years of experience of working together, the project was conceived in its infancy in Laos, carefully supervised by software experts during the development phase. Professional lawyers are associated with this project as well, with the aim of taking advantage of the famed blockchain technology for accomplishing business objectives.

The main aim of this project is to modify the business and export relationships from all aspects. It is focused on the production and delivery of bananas with the goal of decentralizing the process of business expansion. This, in turn, will effectively take the venture beyond the framework of traditional partnerships. With over 40 personnel in their workforce, the project is headed by Oleg Dobrovolsky, Alexander Bychkov and Mr. Prasan Sangsatjatham, among others.

Reasons for Taking The Initiative

The project was conceptualized after there was an increased demand for Bananas among consumers in Laos, as well as their target overseas market – China. This sudden increase in demand can be attributed to the suspension of 18 Chinese Banana Plantations by the authorities.

Introduction to The “Lady Finger”

Everyone associated with the Banana.io project takes great pride in the production of the “Lady Finger”, a special variety of Bananas which are popular in the region. The region of Laos is suitable for the growth and production of such bananas, due to many different factors. The high average air temperatures, the abundance of fertile soil in the Vientiane-Lao Province, cheap and reliable water sources and the presence of inexpensive electricity make this project highly feasible and points towards success in the near future.

Tackling the Problem of Difficulty in Cultivation of Plantations

Laos has been plagued with the unavailability of sufficient areas concentrated in a single location and suitable for banana growth. It is virtually impossible to find 200-acre areas in the region, which is instead riddled with smaller plots of about 20 acres in size. The project has laid down future plans of acquiring more than 8000 hectares of land, preferably in the same valley or plain.

Specialised Production Of Lady Fingers

As mentioned above, banana.io takes great pride in the production of (Musa acuminate cultivar) or in other words, lady finger bananas.  Chinese plantations specialists are employed and involved in production technology support, which amounts to 6 specialists per 100 hectares of land. The organization imports Lady Finger saplings from specialized companies based in Thailand. These smaller varieties of bananas are highly priced on the end market with the maximum demand coming from China.

Fertilizers are acquired from licensed and certified producers in Thailand. Irrigation and fertilizer levels are determined by experts after carefully examining the soil as well the plant parameters. Only the most powerful shoots from the main trunk are extracted after harvest. It is then used for the next crop and the main trunk is then cut. Their experts take great care in removing all the weak shoots, to obtain that “superior quality” that they promise.

Tackling Developmental Risks and Hurdles

The project heads have examined the risks involved and have made a risk assessment report to tackle such hurdles. This has been explained briefly below.

  1. The Risk of the Panama Disease: The Panama disease is a fungal pathogen that affects the soil and renders it inferior. Banana.io aims to develop a completely organic farm, isolated from other farms and plantations. This will help prevent the spread of the disease, with regular tests being conducted to determine the presence of the Pathogen in the soil. All of the territories which are proposed for plantation development are “virgin jungles” which means they have never been used for agriculture before. Banana.io also refrains from the use of chemicals and pesticides in their production process.
  2. The local competition: The project is estimated to be profitable due to the use of TGE technology, a relatively new method of production in the region. The use of an organic farm system also gives banana.io an edge over its competitors.
  3. Geographical limitations: The wind presents real hazards to cultivation in Laos, which is bordered by the seas. Plantations are at a risk of damage because of a typhoon hazard if they are closer to the coastline. Banana.io looks to remedy this by using the Vientiane province of Laos, which is sheltered from the influence of typhoons and strong gusts of coastal winds.

Lady Finger Price Trend

Figure 1: Lady Finger Price Trend (Jun 16′ to Jun 17′)

Legal Status of Bananacoin

Bananacoin.io is only in the primary stages of its initiation into the mainstream market, they are not like typical tokens. Their tokens cannot be categorized as any form of money, both cash, and non-cash. This is because it is not considered as a “legal means of payment” in the eyes of the law and jurisdiction. It revolves around the obligation and other rights which are established in the decision to issue, or any other act of an individual issuing “securities” in compliance with the law.

A Foolproof System

The concept of Banana.io is framed in such a way as to prevent its use for anything other than a contract for the purchase of food in the future. As it is not categorized as a book-entry security and hence have a non-compliance with the requirements of the law, it is crucial that the system remain as transparent as possible.  As indicated in their terms and conditions, any relationship which is formed between the organizers of the project and the buyers of the tokens are subject to consumer rights protection legislation only.

In case an individual tries to use the token outside of the system on any external source, s/he would be directly breaching the terms and conditions of this project.  As stated by the founders, these tokens only represent a contract for the purchase of food produced in future.

The Advantages of This Project

Proper implementation of the Banana.io project can have significant technological and economic advantages to the Lao region and its consumers.  The points can be summarised below as follows:

Technological Economic
Convenience Independence
Blockchain Architecture Advantages Protection From Inflation
Ease Of Use Transparency

 

The main aim of this project is to create a self-sufficient system using the advantages of the blockchain technology and change the economic realities of the current region.

team banana

DISCLAIMER: Opinions expressed by Coinschedule Blog contributors are their own.

Hira Saeed on Twitter
Hira Saeed
Founder of Tech Geeks Pakistan and Digital Doers. Hira is also a public speaker and columnist who shares her views on Startups, AI, chatbots and Blockchain technology on VentureBeat, The Next Web and Tech In Asia.