First On-Chain Farmland Transaction Conducted on Solana's AgriDex Platform

AgriDex, a platform based on the Solana network (SOL), has successfully completed the first on-chain farmland transaction.

The transaction involved a $165,000 land purchase in Zambia, which was settled instantly and at no cost using AgriDex's digital settlement system. AgriDex specializes in real-world assets, with a focus on the global agricultural industry.

The payment was made from a buyer to Sustainable Agricultural Development in Mauritius, demonstrating how blockchain technology can facilitate cross-border transactions, making large-scale deals cheaper and faster.

Traditional bank transfers can take several business days to complete and incur high fees. By leveraging Solana's infrastructure, which is known for its fast processing and low costs, AgriDex provides an alternative model to facilitate agricultural trade.

"For the first time, a farmland contract has been traded and settled on the blockchain," said Henry Duckworth, co-founder and CEO of AgriDex. "This sets a precedent for improving the exchange and financing of agricultural real estate."

A $2.7 trillion industry

AgriDex plans to process an additional $2.6 million in farmland deals in the coming weeks. The company also claims that by using its platform, partners are collectively saving over $40 million per year in transaction-related costs, which can be redirected toward operations and growth.

This recent transaction builds on previous AgriDex transactions involving commodities such as olive oil, wine, coffee, and livestock. The platform aims to address the inefficiencies that continue to impact the $2.7 trillion agriculture sector, including slow settlements, high fees, and complex banking processes.

By eliminating intermediaries and enabling faster access to capital, AgriDex argues that blockchain technology could play a broader role in improving how agricultural businesses operate across borders.