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Balaji Kandregula is Vice President – MSRvantage.
Technology has found its success in many aspects of modern business today, from finance to supply chain management. However, one area that technology is yet to fully integrate itself into is agriculture.
As a vast and significant segment supporting the financial dependency of many people in most countries, agriculture faces various problems that threaten the industry’s long-term viability. From labor employment to a competitive economy must be handled; else, the ecosystem would collapse. In this scenario, Blockchain in Agriculture Industry will undoubtedly be a game-changer. Statistics indicate that the worldwide market worth of blockchain in the food and agriculture market, which was around 32.2 million U.S. dollars in 2017, is projected to develop to approximately 1.4 billion U.S. dollars by 2028.
The global food system is a complex process. An agriculture supply chain contains many elements between the farmer and the end-user. It is rare in today’s interconnected world for a farmer to sell their produce directly to customers. There are many components in between, from collection to transportation to processing to distribution. Technologies like blockchain and IoT can help link all these various components and bring the entire process on to a shared ledger.
Track And Trace: Blockchain will enable tamper-proof, precise data on farms, inventories, credit ratings, and food tracking. As a result, farmers must no longer rely on paperwork/files to capture and retain critical data. Indeed, innovation paired with sophisticated technology such as blockchain and artificial intelligence (AI) provides game-changing possibilities for agriculture. Customers will know where their food is grown and under what conditions, farmers will be able to get a better understanding of where their crops go once it leaves the farm and gain greater ownership over their produce. Each of the trading partners who fall in the middle of the supply chain will also be able to gain a complete view of the chain, further increasing trust among all those involved Blockchain in Agriculture Industry can help to control foreseeable risks while maintaining affordability throughout the ecosystem.
Internet of Things: The Internet of Things (IoT) refers to devices connected with one another over a network. These devices collect data about their environment, which is then processed by artificial intelligence algorithms to understand human behaviour. This technology is being used in a variety of industries including manufacturing, healthcare, agriculture and retailing. Precision farming, preventative maintenance, analytical tools, and intelligent cattle wearable are all made possible by this technology. It operates on the foundation of sensing devices and network connectivity, enabling automatic real-time monitoring of the farm resources.
Asset Digitalization: Asset digitalization can improve efficiency overall. Each of the partners involved in the process will have their own copy and proof of ownership. Further, the process of inspection and regulation can be made much more efficient with the existence of digitalized assets that are all linked together.
Remote sensing: Farmers may get, assess, and analyse crop and soil health issues at different stages of production in a practical and cost-effective manner by using remotely sensed data on soil, area, markets, and more. By seeing potential problems early on and providing us the chance to come up with solutions, this not only saves time but also labor and resources.
Blockchain: Having a transparent model from farm-to-kitchen can help companies provide customers with premium products. The ability to deliver genuine and authentic products improves the trust factor between customers and brands and therefore increases customer loyalty.
Blockchain will assist in the implementation of a ledger system for the agricultural sector that can quickly address all related issues, from reducing the cost of farming cycles to raising overall production efficiency. It will provide immutable records from creation to consumption. This data may be used in conjunction with data transfer between each supply network stage. Additionally, this could stop circulation and production of illegal and unethical materials. A linked network in agriculture can help prevent food waste and ensure that sustainability and ethical standards are being met at each stage.This level of transparency in the system will allow for greater accountability, incentivise stakeholders to implement best practices in their business and help ensure fairer pricing when it comes to food.
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Views expressed above are the author’s own.
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