Blockchain has been acknowledged for its ability to revolutionize various industries. This makes a real deal when it meets up with any of the world’s oldest yet largest industries like agriculture. Well, it seems like blockchain holds immense potential to offer to the agricultural sector. Also, its potential increases to multiple labels when combined with other innovative technologies like Satellite communications, Artificial Intelligence, and the Internet of Things.
The agricultural sector can be an impactful player in the ongoing technological revolution where industries upgrade themselves in various aspects that are associated with data and transaction processing. For instance, blockchain technology can streamline the supply chain in an agricultural enterprise, increasing traceability & transparency and automating everything from end to end. This is feasible when integrating Smart contract development services on an agri-based enterprise’s bucket list.
We are very much excited to talk about the impact of blockchain in the agriculture sector in this blog. Let us get going!
Based on Statistics…!
A recent report shows that blockchain in the agriculture and food supply chain has a market value of over $280 Million in 2022. This is anticipated to increase by over $7 Billion by 2031. Why does this sound so promising to us?
Blockchain and Agriculture
The unique architecture of blockchain involves decentralization which ensures high-degree transparency and traceability. Additionally, decentralized networks facilitate participants to oversee and address different challenges linked with supply chain management. Eventually, blockchain ledgers are helpful for analysis purposes, enhancing diverse aspects of the supply chain.
Main Features Of Integrating Blockchain In Agriculture
The integration of blockchain in the agricultural sector can also help regulatory observance and reporting. Also, the stakeholders can make better decisions and execute proper corporate governance by assuring precise, updated, and tamper-proof data. Decentralized ledgers facilitate the distribution of certification details among consenting parties.
Apart from transparency, blockchain can streamline other refinements in the agricultural sector. For example, it can provide better administration of property rights, efficient food safety tracking, and increased traceability of inputs like leaves, fertilizers, and seeds. Farmers can make use of permissioned and permissionless blockchain solutions for this application.
Real-time Use Cases Of Blockchain In Agriculture
Technological superpowers have utilized the power of blockchain for agricultural purposes. At the same time, agri-based enterprises can also leverage blockchain solutions that depend on public open networks, ensuring a high degree of decentralization and safety.
Recently, an AgTech company, Dimitra, has helped farmers to reduce the need for manual labor by integrating its tech stack with a combination of technologies like AI, IoT, blockchain, drones, and satellites. This digital setup helps farmers to collect data to make better and faster decisions to enhance their yields.
This is an overall solution that enables coffee farmers, stakeholders, and traders to grow and distribute coffee on a global scale. Smart farming and supply chain management applications track the movement of coffee beans from manufacturing to distribution.
The Deforestation Certification Module was introduced by Dimitra, which helps restore the environment's health. This product was initially developed after the ban on imported goods that contribute to deforestation. So, agricultural enterprises should adhere to the regulations of the European Union and certify their products.
If you are interested in creating similar revolutionary agricultural products, then you must consult with a blockchain smart contract development company. Share your requirements and acquire the best blockchain services from them in return.