Blockchain is an evolving technology with greater scope and applications across various industries. It has a greater degree of benefits across multiple areas of business like Finance, Health etc. Today I wanted to discuss with you how blockchain and agriculture would marry
Most of us would who are new to the blockchain would preferably want to relate it with cryptocurrency. It can be stored to create not just transactions in the banking system but can also be useful in the transactions and asset management in the agricultural supply chain
New age agriculture relies heavily on adopting best in class technology in Europe and America. Blockchain has played a crucial role in the following :
Transparency in the supply chain
Both producers and consumers have shown equal interest in creating a transparent supply chain, a lot of work has been already done in this sector recently. This increases food safety and eliminates all the bad or poor quality practices in the supply chain and provides an opportunity to point any malpractices and quickly rectify the same if possible. No matter where your food came from, you always get to know the same and gives you an opportunity to find out what went wrong and where did it go wrong like harvesting, processing and transportation
Cost Control
It is relatively secure to maintain all the transactions in the supply chain using the blockchain, it gives an opportunity to optimize each process rather than micro-managing each step. There is a surge in the number of cloud-based commodity management companies who manage contracts, deliveries, inventory, order and payments from farmers to consumers. This creates transparency in all the financial transactions and digitally secure them, also eliminating the risk and increasing the confidence in trade
Transportation of products
Logistics is a key element in the supply chain, a lot of money is involved in the transportation of materials from one point to another, blockchain companies can play a significant role in creating security and ensure the timely delivery of these products by storing the vital information like expiry and handling instructions which will help blockchain companies to tie up with logistics industry to create a smart and ultramodern logistics system
Accountability
With this technology widely adopted by the manufacturers holds them accountable for any production inefficiency and fraud conducted by middlemen. This will ensure that only credible players reach out of the market and trust are established before they enter the market. An emerging pool of companies have also started auditing such units using blockchain audits in order to make sure that manufacturers adhere to guidelines and produce quality products
There are more ways blockchain can play a key role in agriculture like Right Origins, ripe.io etc, the bigger question although these use cases are already in the application in the developed world, where does country like India stand and even if the Indian farmer is equipped to conceive this technology in order to reap its benefits ?
Do we need to educate consumers? farmers? producers or all of them?
Yes we can implement this in large numbers if we educate each actor in the supply chain about its benefits and make sure block chain helps in building a sustainable agriculture
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