Though many people are still aware of the blockchain's use case in the cryptocurrencies, the blockchain is ready to transform numerous industries with its unique features like traceability, immutability, and transparency.
Among the various industries that the blockchain can transform, agriculture is also one of the massive industries that need to build trust and bring fairness in the system.
Implementation of the blockchain in agriculture can solve many of the problems prevailing issues and enhance the agriculture process from farm to the retail market.
Here are some of the use cases of blockchain in agriculture:
1. Crop Production:
To fulfill the needs of the rising population, there is a lot to overcome regarding reducing environmental footprint, guaranteeing fair income to farmers, enhancing customer satisfaction and enabling traceability across the supply chain.
Blockchain combined with IoT can reconstruct the food production industry by offering a secure and transparent approach.
In IoT enabled farming, the farming is done with the sensors (temperature, pH, moisture, light, humidity, and soil) to keep an eye on the quality of the crop field.
The data generated by the sensors gets saved on the blockchain with meta information so that all the involved stakeholders within the ecosystem can transparently access the crucial details on crops.
Applying machine learning algorithms to the generated data can add value to the information and help farmers make informed decisions.
Since the information is stored on an immutable distributed ledger, the data remains secure and unchanged.
Blockchain in agriculture makes it seamless for agriculture market participant to bring efficiency in crop production due to transparency and fairness.
2. Food Supply Chain:
It is essential to explore from where the crop/food has been originated, grown and produced. Currently, it is impossible to reach the provenance of food products and ensure that the eatables are safe to eat.
But with the blockchain supply chain, it can be possible to trace back the food supply chain ecosystem and bring trust with its cryptographic time-stamping mechanism.
At every step of the food production, the information is saved on the blockchain, enabling all the participants of the networks to access the records.
The information about food crops from the farm to processing companies, retailers and end-users, can be traced with time-stamped records.
3. Controlling weather crisis:
Many of the crops have to suffer a lot due to the uncontrolled weather conditions.
Presently, no one maintains the previous records of adverse weather conditions that lead to the high and unclear surge pricing.
But with the features like traceability and transparency, farmers and consumers can always go back in time to know when did the crops suffer lousy weather and what caused a rise in the price.
A blockchain-enabled solution can also help farmers to ask for compensation from the insurance companies quickly in the case of bad weather conditions.
Blockchain can bring the following benefits to the agricultural process:
- Increased Traceability in the Supply Chain
- Improved Quality Control and Food Safety
- Fairer payment for farmers
- Increased Efficiency for Farmers
With smart contracts and a decentralized platform, it can become possible to eliminate the need for intermediaries by allowing farmers to get connected directly with retailers.
Contact the top blockchain development company in the market to have an in-depth understanding of the potential of blockchain in agriculture and to build the blockchain-based solution for agriculture.