The Republic of Georgia is putting its money on almond crops. An American tech company has agreed to a $100 million deal with the country’s government to support its almond-farming sector.
Farmway Technologies aims to modernize Georgia’s almond production, from orchards to processing facilities and irrigation systems. This includes tokenizing farmland and agricultural assets using blockchain technology. That would make global investment in the industry possible.
“This partnership is more than an investment. It is a blueprint for how tokenized agriculture can meet the world’s climate challenges,” Farmway chief executive Upmanyu Misra told Forbes.
Misra continued: “By channelling international capital into Georgian farms through transparent, blockchain-enabled structures, we are proving that real orchards and real yields can deliver climate impact while strengthening communities and advancing sustainable agriculture.”
The global demand for almonds and almond products is growing. As the world’s top almond producer, California suffers from extreme weather, including wildfires and drought. That puts nearly 80% of global almond production at risk.
Fortunately, Georgia is stepping in and helping to prevent production loss before it might happen. Almond cultivation is also one of Georgia’s fastest-growing sectors.
The country produced approximately 2,756 tons of the crop in 2023. But experts project an annual output of 15,432 tons by 2027.
At the same time, imports of almonds were reported to be down 49% in 2024. At that rate, it’s no wonder companies in the private sector would take notice.
Although the investment offers positive outcomes, negative impacts may lurk beneath the surface. The use of cryptocurrency requires substantial amounts of energy and generates additional electronic waste. There’s no denying that crypto’s carbon footprint is massive, even though there has been a promising increase of sustainable energy use in the sector.
Ultimately, it could be worth the effects to bolster a growing industry. Time will tell if this investment will bring the world closer to a cleaner future.
