Blockchain technology! Perspectives and prospects
Many of us wouldn’t have heard about this newly emerging blockchain in agriculture. For many, this might be entirely a new concept, while some might be aware of the very fundamentals of the idea. In this article, we will shed light on the fundamental idea behind the blockchain.
This is a distributed ledger network. So, a blockchain is made up of transactions. The good thing is that a systematic record of these transactions is maintained over a while to preserve the records for a very long time. A ledger is a document that allows you to put your hand on the company's pulse, and it provides you with irrefutable facts that cannot be denied.
Each transaction is recorded as a block link to the previous entry, maintaining a chain relationship in all entries. Now the question is what makes this chain so unique that this ledger is not supported and kept in only one place. This is instead shared with every user on his or her computer, wherever they are sitting and connected to this network. This record is constantly validated and updated by making a comparison with all other ledgers. Because each node has an updated copy of the catalog, at the same time, it is entirely transparent and traceable so that the entire record can be scrutinized at any given time without any hurdle.
This might be a fundamental concept, yet one can conclude how we can benefit the agriculture sector based on this. The factors of traceability and transparency are the key ideas to understand its practical implementation. The farmers in far-flung remote areas are bound to wait months to sell their products and receive money. This deprives them of many necessities of life. This slowed-down process discourages the farmers and further lowers their incomes. Implementing blockchain would allow for immediate payments to the buyer, producer, and seller with the help of agricultural chain supply software. This would allow tracing back the money trail to the farmer in case some specific food supply is produced. This chain also allows determining the quality of the yield for consumers to determine its price. Its implementation may revolutionize the agriculture sector within no time.
By supporting small-scale farmers and cooperatives, a lot of improvement can be brought, especially in developing countries. And many initiatives have been taken across the world in this regard.
Another brighter aspect is ensuring food safety and security. Food safety mainly belongs to proper handling, preparing, and preserving food. Food safety and security can be increased many times through the traceability factor of blockchain. Many companies worldwide are partnering with renowned digital marketing companies to implement blockchain in their agricultural yields. Coca-Cola has used blockchain technology to figure out the forced labor in the sugarcane supply chain. Another well-established company,, Carrefour,, has used this technology to verify the food standards and trace the food origins that enables them to conduct an authentic categorization of food items.
Despite its advantages, it is still practically impossible for many small-scale businesses to adopt blockchain as they may need to catch up in expertise and finances. It is high time for governments to take the initiative in adopting supply chain technology and inculcate a culture where businesses, irrespective of their size, tend to opt for this technology. In the long run, this would leave a very robust and positive impact on the agriculture sector.
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