• Greenlabs, a Korean startup offering a blockchain-based smart farming platform, has signed a memorandum of understanding (MoU) with the country’s Rural Development Administration (RDA) on the “Disclosure and Utilization of Public Agricultural Data.”

• The partnership aims to achieve multiple objectives. The entities plan to build an agricultural data ecosystem by exchanging domestic and foreign agricultural data for digital expansion in the sector; create new services and solve pending agricultural issues; and develop an agricultural data analysis cloud to promote data usage in the sector. Apart from this, to combat climate change and the food crisis, the partnership will also conduct carbon reduction projects while developing related big data and AI-based solutions and organizing joint projects. 

• Greenlabs plans to use the new data gathered via the partnership to upgrade existing services of its “Farm Morning app” and expand into the carbon neutrality business and international markets. It was also reported that its Farm Morning service surpassed 650,000 users in Korea.

<ul><li> Analyst QuickTake: Headquartered in South Korea and the US, the partnership is in line with Greenlabs’ local and international expansion plans. In the company’s recent funding round , it reported that it is open to collaborate with local players offering similar services with an aim to expand internationally. As of date, Greenlabs has over 650,000 users and expects to generate over USD 500 million in 2022.</ul>