Blockchain is a promising digital technology that allows ubiquitous transactions without the need for banks and other financial organizations. However, as compared to existing traditional global financial systems, it is still in its early stage. If we keep the age issue aside and look at the blockchain technology, its superior features have the potential to overweigh the existing solutions in the industry as well as most other aspects of our daily lives.
Besides being a complex technology, blockchain is a combination of methods for implementing software systems such as de-centralized, peer-to-peer, and distributed systems to maintain their transparency, integrity, and immutability. Businesses and organizations have started to rely on blockchain technology to deal with common problems related to centralized financing and accounting systems. Being one of the leading blockchain marketing companies, we help you understand the impact of blockchain in agriculture and food supply industry in the simplest way.
Over the past few years, we have witnessed various sectors and industries adapting blockchain and cryptocurrency for various good reasons. When it comes to the agriculture sector, it is no exception. What if we say besides smelling and seeing, there are ways to verify the quality of food on your plate. This has become possible due to the use-cases of blockchain in carrying out contracts and openly tracking information.
Uses of blockchain technology in solving existing problems
Blockchain-based solutions have already been tried out in many sectors such as energy, manufacturing, financial, and government sectors. Also, they have been used in problems related to agriculture land registrations, agriculture supply chains, and digital IDs. Although it was introduced as a decentralized financial system, today, blockchain technology is used in a variety of applications.
Blockchain technology promises to offer a decentralized, transparent, secure transaction process with reduced transaction costs. Now, the question arises which processes in the agriculture industry can get benefited from this emerging technology. Therefore, to identify whether the challenge you face could be solved with a blockchain-based solution or not, you need to find out the use case in the first place.
Uses of blockchain in the agriculture industry
The features of blockchain are now used in the agriculture industry to trace, track, and support source-of-error control and quality in supply chains. Specifically, in the agri-food sector, blockchain is used for adding value to the end product and for supply chain logistics. This helps consumers to know the exact route their food has taken to arrive from the farm to the plate. Some of the leading agro-food businesses like Nestle, Walmart, and Unilever have already adopted blockchain technology to trace their food supply chains. Apart from this, French company Carrefour is also deploying a blockchain to track its chicken quality line.
Thus, by using this technology, consumers can get information like the quality of the products, their source, and even whether the farmers were paid a fair price or not.
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