8 submissions to be rewarded for the best data-driven insights on maximizing crop yields
Singapore, August 29th: Ocean Protocol, the Web3 platform to unlock data services for AI and business innovation, reveals the winners of the Data Challenge Ideation Phase with its long-term partner Dimitra. Out of a prize pool of $5000, the rewards distributed in this phase are: 1st place: $1,500, 2nd place: $1,000, 3rd place: $500, Community Award: $1,000, and 5 honorable mentions: $500.
Ocean Founder Bruce Pon said,
“Farming is extremely high-tech and the amount of data collected is immense. Until now, not enough data scientists have looked into the data to discover insights that can help to increase farming efficiency to feed a growing population. Our data challenge was designed to kickstart this effort, identify risks and use data to generate solutions where data is at the heart of value.”
Jon Trask, CEO at Dimitra commented,
“The opportunity to uncover unique innovations through the crowd-sourcing of data analytics in the Dimitra/Ocean bounty partnership is a key component to supplement our agronomy and data science team. We hope to uncover new methods, and new insights and develop projects from these concepts being presented. We may even find future team members. We are looking forward to seeing the details produced in Phase 2.”
Launched in July 2022, the Ideation phase focused on garnering valuable ideas on how agricultural datasets in the Ocean Market could be utilized to maximize yields and crop quality while minimizing risks for farmers in the state of Madhya Pradesh, India. A panel of team judges chose the top three winners for their submissions on crop yield prediction algorithms, key factors influencing yield and profitability through data analysis. The Community Award and 5 honourable mentions were also conferred based on the level of innovation, the value of opportunity, feasibility, and completeness of ideas.
The 1st place was awarded for a proposal to implement scalable prediction algorithms to generate information on crop yields several months before harvest. Benefits include an early warning system, well-planned government help and efficient procurement design.
The 2nd place and community award were conferred upon an analytics-based yield prediction model, including a machine learning model proposition. The aim is to enable better management of agricultural budgets whilst also helping farmers to determine the most profitable crops.
The 3rd place was awarded for an analytical report on key differences between the best and worst yield-generating regions in Madhya Pradesh, India with insights on bridging the gap.
About the Ocean and Dimitra Data Challenge
The Ocean and Dimitra Data Challenge is part of the broader Ocean Data Bounty program – a strategic initiative incentivising data-driven insights and the building of algorithms to solve complex business challenges. Guided by the vision to spearhead the next generation of agricultural solutions using data, this two-phased challenge seeks to incentivise a global community of data scientists to engage with farming data, generate valuable insights and develop algorithms geared toward solving pressing global challenges.
Following the successful completion of Phase 1: Ideation, the Ocean and Dimitra Data Challenge Phase 2: Algorithms, Analytics, Narratives & Reports will go live on Questbook on September 5th.
#About Ocean Protocol
Ocean Protocol is a decentralized data exchange platform spearheading the movement to unlock a New Data Economy, break down data silos, and open access to quality data. Ocean’s intuitive marketplace technology allows data to be published, discovered, and consumed in a secure, privacy-preserving manner By giving power back to data owners, Ocean resolves the tradeoff between using private data and the risks of exposing it.
Dimitra’s mission is to place technology in the hands of millions of small farmers around the world. By doing so, Dimitra aims to enhance productivity and therefore the lives of farmers, improve food safety, and enable greater food security globally.
In 2021 it has set itself two additional objectives. One is to advance AgTech innovation and the other is to secure operational grants for developing countries around the world to enable participation in the Dimitra ecosystem.