Blockchain saw tremendous hype as major industries like Fintech, healthcare and retail started exploring new ways of leveraging distributed ledger and blockchain technology for the betterment of the world but what if we could examine the quality of food we eat?
Did you hear? fruits and vegetables have the highest wastage rates of any food.
Terrifying isn’t it?
One of the greatest issues of this century is to reduce food waste on a large scale. This is a major encouragement for us to embrace blockchain tech in agriculture. Moreover, Blockchain-based platforms in agriculture are creating more immediate incentives and encouraging sustainable practices. This revolutionary technology is all set to improve agriculture and it’s all associated fields.
Blockchain in Agriculture:
ReportLinker states that blockchain in the food supply chain and agriculture is estimated to reach USD 429.7 million by 2023. Other research shows that blockchain technology increases the farm’s revenue to approximately $43,000 on average. Integrating Blockchain with agriculture shipping and monitoring processes boosts agriculture products because machinery, crops and livestock can be traced to manifest the quality of products.
This cultivating technology promises to deliver real values to a wide range of areas in the agriculture industry. It can be applied to enhance transparency in the supply chain and warehouses. Moreover, it can be used as a tool to see real-time information about livestock and crops and eliminate unwanted mediators.
Farmers or Producers can enhance their revenues by proving their supply chain is efficient via blockchain technology. Blockchain technology has the potential to bring tremendous changes in agriculture. In addition, blockchain technology combined with data analytics and artificial intelligence can be a turning point for the agriculture industry. Click here to discover RS Blockchain solutions in this regard.
RS blockchain experts conducted a detailed survey and research on the rise of blockchain in the agriculture industry. Let’s explore the applications, benefits and use cases they found.
Side Note: If you are interested in checking out real benefits, we brought to various industries via blockchain click here.
Possible Applications and Use Cases of Blockchain in Agriculture:
Efficient Tracking of Food Products:
Agriculture sector lacks traceability of the food supply chain; consumers are unaware of where and how the food is produced before it is served on the table. Farmers are accused of being engaged in falsy food manufacturing practices like adding chemicals in the crops etc. The complete supply chain is exposed to malpractices in the food chain sector and there is an increased demand from consumers for productive and organic food.
Blockchain technology can be the ultimate solution to these problems. It provides proper documentation, thus, verifying where the crop was planted, how it was harvested, which chemicals were added and whether protective measures were taken or not. All the data is stored on the blockchain, making it impossible to amend it. If things are taken a step further, the food supply chain can be merged with the shipping supply chain. Through this, visibility across product’s shipping can be withdrawn.
It’s extremely hard to monitor the quality of the crops from sowing leading up to harvesting without technology. However, the power of blockchain can help in this aspect.
DID YOU KNOW? IBM is working on empowering farmers to improve food production by 70%.
It is leveraging IoT to make it possible for farmers to monitor irrigation, soil quality and pests, precisely and effectively. Additionally, initiatives are being taken to detect the condition of stored crops. These sensors create data that need to operate in a secure decentralized database – blockchain. Smart contracts accomplish actions which can increase the quality of farming and crops. The primary objective is to completely digitize and automate agriculture record-keeping systems.
Blockchain linked with IoT is currently reshaping the agriculture industry. This innovative technology is all set to advance the agriculture industry by streamlining farming means such as water, fertilizer and labour.
Logistics is the biggest challenge in the agriculture supply chain. Here we deal with huge quantities of perishable products in unsure situations with a lot of investment at risk. Also, mostly the supply chain is uncertain. All this adds up to losing thousands of dollars if something goes wrong. So, what to do now?
Here, Blockchain in logistics comes to the rescue. Smart Contracts ( lines of code executing on the blockchain) relieve farmers from unwanted intermediaries, causing an easy and fast delivery process. Further, blockchain record-keeping eradicates unnecessary payment delays, ensuring timely delivery. What’s more, the blockchain solution in logistics can be configured to expand yearly payments to farmers. It’s a win-win scenario!
Want to save thousands of dollars by implementing an efficient blockchain solution in Logistics? Check this out.
Blockchain in agriculture can assist in simplifying the transaction process and also to even the playing field for small scale farmers. A large amount of food goes to waste because farmers from developing countries don’t have access to large markets, leaving them powerless to sell all the food they grow.
Blockchain-based platform for trading agriculture products can eliminate this issue by building trust between market members. Blockchain in agriculture also allows growers to set prices efficiently and effectively by enabling a peer-to-peer network – eliminating the middleman and their commission fee. Moreover, it uses automated data-matching and digitized contract documents to prevent costly duplications.
Outmatching your competitors by adopting innovative technologies is essential to stay ahead in the game. In agriculture, blockchain has proved to be a useful technology that can reshape many existing agricultural processes.
We believe in blockchain. It is the key feature for an entire improved new digital era. Mainly, it defines a whole new medium for developing transactional applications, food traceability blockchains and settlement applications.
Reactive Space is leading the charge to help the agriculture sector in process efficiency and streamlining food supply chains. Contact our proficient team in enterprise blockchain development to get a comprehensive understanding of how blockchain can revolutionize your agriculture business.