Blockchain Technology for Agriculture
The blockchain technology allows peer-to-peer transactions to take place transparently and without the need for an intermediary like a bank (such as for cryptocurrencies) or a middleman in the agriculture sector. By eliminating the need for a central authority, the technology changes the way that trust is granted – instead of trusting an authority, trust is placed in cryptography and peer-to-peer architecture. It thus helps restore the trust between producers and consumers, which can reduce the transaction costs in the agri-food market.
Agriculture and decentralized finance are two sectors that are rapidly evolving due to advancements in technology such as blockchain, IoT, and logistics. The integration of these technologies is revolutionizing the way in which agricultural products are grown, transported, and traded. With the use of blockchain, it is possible to track the entire supply chain of agricultural products, from seed to sale. This creates transparency, reduces the risk of fraud, and increases efficiency in the industry.
Decentralized finance (DeFi) is also playing a crucial role in revolutionizing the agriculture sector. By leveraging blockchain technology, DeFi offers financial services and products to individuals, farmers, and agricultural organizations in a decentralized, secure, and transparent manner. This can help to increase access to funding for farmers and reduce the costs associated with traditional banking services.
In addition, IoT technology is being utilized in agriculture to improve supply chain logistics. Sensors and other IoT devices can be used to monitor crop growth and environmental conditions, enabling farmers to make more informed decisions about when to harvest and sell their products. This helps to ensure that agricultural products reach their destinations in a timely and efficient manner, reducing the risk of spoilage and waste.
Finally, with the use of advanced supply chain management techniques, it is possible to improve inventory management in agriculture. By tracking the movement of products through the supply chain, farmers can have real-time visibility into their inventory levels, enabling them to make more informed decisions about when to order new products and when to sell existing ones. This results in a more efficient, cost-effective, and sustainable agriculture industry that benefits farmers, consumers, and the environment.
BLOCKCHAIN BENEFITS IN AGRICULTURE
Potential for blockchain and food is massive. There are many advantages to usage of blockchain in the agricultural field.
Transparency is the major problem in the agriculture industry. Consumers and farmers are not aware of the market price, demand, and availability of goods in the area. There are a lot of middlemen involved in the process of buying and selling goods. The involvement of middlemen makes the process more costly and complex. With the use of blockchain technology, it will help both consumers and farmers to connect directly without any involvement of middlemen.
All the data is uploaded on the blockchain and is visible to everyone. Consumers can directly see the availability of goods in the area. This will help in prevention of food fraud, false labelling, and chain of middlemen. Blockchain helps solve the problem now consumers can buy food from anywhere by knowing the exact time of harvesting and where it comes from.
AGRICUTURAL SECTOR
Overseeing Farm Inventory
Many farming many farming organizations aren’t prepared to utilize cutting edge technology to deal with their inventories.
Enhancing Agricultural Supply Chain
Supply chain refers to the design, engineering, production and distribution processes of goods and services from suppliers to customers.
Modernizing Farm Management Software (FMS)
Another use case of blockchain technology in agriculture is the modernization of farm management software.
AgTech IoT Optimization
The development of IoT technology has made it possible for many objects to connect to the Internet to communicate with each other without human intervention
PLATFORM
Fair pricing of goods
The income of farmers is highly volatile and depends mainly on the weather conditions, market demand and the variable market rates.
The market rates are highly volatile and totally in control of the store holders. There is a big chain of middlemen between the consumers and the producers.
The farmers get a meager price for their goods and all the profits are made by the middlemen. Blockchain will remove the middlemen chain and will provide fair prices to farmers according to their quality.
Blockchain based smart contracts work by triggering payments automatically as soon as a specific, previously-specified condition has been fulfilled, and without charging excessive transaction fees.
The entire suite of technologies rests on a consensus-driven blockchain network. Farmers can use integrated platforms with no intermediaries and more transparency to create an international trade union and increase their profit margin.
Expand financial options for farmers
In the case of developing economies, farmers have limited access to financial resources.
Blockchain will help farmers by providing them with quicker access towards verification and to be financially viable in developing economies.
The firm provides decentralized crop insurance based on blockchain. They offer farmers to select crop types and field locations first, and then farmers receive automatic payments based on weather information.
Agricultural insurance is a risk management tool to help stabilize farm income and investment in the event of losses, due to natural disasters or low market prices.
In the case of weather-indexed crop insurance,for instance, mobile phones allow consumers to be geo-tagged, which (in combination with automated weather stations and satellite imaging) eliminates the need for insurance providers to conduct in-field loss assessments.
Traceability of food
Blockchain food traceability is gaining momentum in the global agrifood sector.
Foods and products that we eat will travel a lot before making their place in our stomach.
The goods are transported to the stores from the farmer’s lands and then delivered to the small retail seller.
The transportation process is time consuming and costly. If the transportation process is uploaded on blockchain then it is effortless to track it by anyone.
Blockchain will remove the control of some people over transportation and bring transparency to all this process.
Blockchain technology will solve this problem by letting consumers know exactly where their food originated, who planted it, and how fresh it is. It will only require workers to scan the product at each stage in the process to update the database with information.
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