Converting ‘grains’ into real digital currency with a click: Introduction to Ergos GrainBank

Agriculture is multifaceted in nature and the issues faced by individual farmers are aplenty. Ergos has taken a boisterous pledge to impact 10-12 million farmers in next 3-4 years. I would like to share my perspective on three key aspects in a series of three Blog Posts. Here is the first one.

Title: Converting ‘grains’ into real currency with a click: Introduction to Ergos GrainBank?

With the advent of Web3, one is sure that the future is digital. According to NPCI, India clocked UPI transactions worth more than Rs 8 lakh crore in the month of February 2022. Despite the fact that the digital payment ecosystem is emerging as the most promising way of transaction, given the small ticket size of the requirement, individual small and marginal farmers are yet to leverage it to the fullest. But it is never too late to empower them with means and information. Ergos is doing just that.

Grain is farmers’ reservoir of wealth. Taking this fact seriously, Ergos has transformed grains into ‘digital currency’, quite literally.??Farmers can use?Ergos The GrainBank?mobile app platform as a live ATM to convert their grains into money transferred to their account, within seconds. The platform in the form of an app empowers them by giving them the power to negotiate; convert their grains into digital financial assets, a currency for them to manage their working capital, cash flow for other household requirements and gives them a window to save money and optimize their income.?

With Government of India’s aspirational BharatNet project to provide high-speed digital connectivity to rural India at affordable cost underway, the efforts to empower individual farmers should be made at a similar pace, faster even. It is high time that individual farmers benefit from a robust, digital ecosystem to ensure seamless selling, borrowing and preservation of produce, enabling them to make informed and empowered decisions by operating in a regulated environment.?