SingularityNET & HARA to Help Indonesian Farmers Improve Their Business with AI, Blockchain

SingularityNET, a decentralized network for “creating, sharing, and monetizing” artificial intelligence technology (AI) services, has partnered with HARA, a firm that uses blockchain technology to help it make “better data-driven decisions”, to provide AI-enabled crop diagnosis to farmers in Indonesia.

Recording Soil Quality, Grain Price, Land Ownership Information On An Immutable Ledger

The joint initiative between SingularityNET and HARA was announced at the World Web Forum in Zürich, Switzerland. According to HARA’s official website, the Indonesian firm aims to help farmers increase their income by managing critical information on a blockchain-based data management and verification system. The information may include details about soil quality, land ownership, and grain price.

Arif Khan, the vice president (VP) of marketing and business partnerships at SingularityNET, remarked:  

From its conception, SingularityNET has been committed to broadening access to AI. We want to see a world where AI is open and decentralized—accessed and influenced by all. HARA’s grassroots focus falls right in line with this goal. In Indonesia, family-owned farms represent the core of the country’s economy, but that’s not reflected in the distribution of wealth. This partnership will help change that and as a native of the ASEAN region, we couldn’t be prouder to see a leading player like HARA tackle this challenge head-on.

Similar to how most other public distributed ledger technology (DLT)-basd networks are designed and used, HARA’s blockchain-enabled platform will allow users to permanently record data. The compiled information will serve as an immutable set of records that may be used for research purposes. In order to access the data, a native token will be issued to HARA’s platform users.

Connecting Farmers To Financial Institutions By Leveraging Blockchain Tech

HARA’s development team intends to use SingularityNET’s AI-enabled platform to implement and/or modify existing algorithms for diagnosing and gaining a better understanding of the causes of various crop diseases. The partnership also involves conducting more research into automated crop diagnosis processes by using the latest AI tools and resources.

Commenting on the collaborative effort, Regi Wahyu, the CEO at HARA, said:

HARA is targeting smallholder farmers. We want to connect these farmers with financial institutions and distributors, transition them to blockchain, and arm them with a leapfrog technology that equips them with better data so they can have better yields.

HARA’s platform will reportedly be accessible to financial institutions, insurance firms, and fertilizer manufacturers. These organizations will be able to retrieve information from HARA’s database in order to conduct business-related transactions with agricultural companies and individual farmers. Leveraging the latest AI and blockchain technology to manage data could potentially provide farmers with better opportunities and also help them earn a better income.

Crypto Market-Maker Altonomy Receives $7 Million in Funding from Polychain Capital

Altonomy, a New York-based cryptoasset trading, advisory, and asset management company, has completed a $7 million fundraising round from Polychain Capital, a leading hedge fund and venture capital firm.

Co-founded by Ricky Li, a former Manager of Research and Product at the CME Group, Altonomy has also received funding from 7 Blocks.

Additional Capital Will Allow Altonomy to Have More Inventory

Commenting on how the additional capital could help Altonomy’s business operations, Li said: 

As a liquidity provider for altcoins, more funding will allow us to have more inventory, taking larger exposure and managing risk more effectively.

Li added that the extra funding would allow Altonomy’s trading desk to provide better services - as the platform would not need to “put constraints” on customers at settlement.

Funds May Be Used to “Source Liquidity for Customers”

Olaf Carlson-Wee, the Founder and CEO at Polychain Capital, remarked:

As a long-time user of Altonomy’s trading services, it was an easy decision for us to invest in their business when the opportunity became available.

Carlson-Wee, a former Product Manager and Head of Risk at Coinbase, also mentioned that the additional funding would help “source liquidity for customers, regardless of token type, order size, market cap, or whether the asset trades on centralized or decentralized exchanges.”

According to Coindesk, Li had suggested to investors in January 2019 that they “liquidate enough ETH so they would have at least two years of runway.” However, Li is now anticipating that cryptocurrency prices may continue to recover - after enduring a long bear market that lasted throughout 2018.

Altonomy Introduces Cloud Service for Crypto Mining

In addition to providing crypto trading and asset management services, Altonomy introduced a new product last year, called the AltMiner. According to Li, AltMiner’s cloud service allows Altonomy’s bigger investors to mine various cryptocurrencies.

Altonomy’s management claims that the AltMiner has a “superior return profile” with the “newest generation of miners, low electricity costs and a secure hosting site.”

During an interview with CryptoGlobe in May 2019, Lee explained how Altonomy’s crypto trading services were developed and their potential benefits.

One of Altonomy’s main services, called electronic execution, allows mining firms, investment companies and crypto exchanges to “enter and exit positions as an outsourced execution desk.”

As a high-frequency market-maker, Altonomy also provides liquidity for various tokens to several crypto spot and derivatives trading platforms.