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What are the powerful applications of Blockchain in Agriculture?

Tracking the origin and safety of food

Can users confidently say that an apple or a chicken bought from a retailer is safe? Despite the reality, those store representatives should have all necessary documentation and certificates, users cannot see how it was previously stored or whether it contains any harmful bacteria.

As a consequence, blockchain can enable customers in mastering all they need to know about others. Because it is unrealistic for store leaders to take a single infected product, they must examine the product’s history of origin. All data will be kept by blockchain-based software, started with where and when this apple or meat was born, how it was fed, where it had been sent after, and so on.

As a result, both customers and suppliers will know everything there is to understand regarding food, which will boost their trust and help to know precisely what they will be consuming. A relevant example is Walmart’s collaboration with IBM to build a blockchain agriculture supply chain. Each commodity in a store could be scanned by an expert to obtain detailed info about it. All are open and public to all parties.

Decentralization

Big companies everywhere in the world occupy the agricultural niche, and they can define their terms, set a price, and agree with farmers on what they will grow and breed the following season. Farmers believe it uneconomic to impose their terms because they’re more dependent on giant organizations. However, blockchain in agriculture has the power to completely transform the industry.

Getting security measures against potential raw material adulteration

Farmers must also be informed that they purchase high-quality grain, seeds, and compound feedstuff to breed healthy animals and ripe fruits and vegetables. Even then, the credibility of all raw materials is still not confirmed. As a result, blockchain plays a critical role. Farmers will struggle if they sell poor meat and crops, which will negatively affect both the farmer and the consumer. Farmers will be able to see what raw materials they will be buying, as well as any probable black spots, by using blockchain.

Quality assurance via the Internet of Things

The quality of animals and crops is also a critical step with all farmers, here’s where the Internet of Things can aid and add value. The level of irrigation, soil quality, the number of harmful pests, etc can all be tracked by attaching motion detectors to software applications. All of this data is stored in blockchain, and customers would be able to get information about the animal breeding process as well as crop cultivation from start to finish. Sensors easily notify all data to the cloud, where it is saved in the blockchain. Keep in mind that, in addition to equipment, you would need agricultural software, which you can learn around by analyzing the experience

Also read: Is cryptocurrency influencing the gaming industry?

What is the Future of Logistics with blockchain?

Understanding the past and observing the present enables extrapolation to what the future holds for the logistics Industry. Increased globalization, free trade, and outsourcing all contribute to a continuing and growing interest in logistics/SCM.

A McKinsey & Company study found that “By 2020, % of the world’s goods would be designed and produced in a country other than where they are consumed, up from 20 % today.” There will be a massive shift in the movement and consumption of goods, necessitating ever better management of the associated supply chain processes. With the recent pandemic, logistics services have become even more in demand, with everyone requiring online purchases due to the current lockdown.

This situation has demonstrated the effectiveness of this industry in keeping things running as smoothly as possible during a crisis. Consider a realm without logistics; it would be chaotic, even more so than life currently feels. Logistics has aided our personal development. Improvements in logistics services help the world run smoothly, allowing us to enjoy essential and luxury items from all over the world. This industry has often embraced technology and will continue to do so

Purchasing items online has become a simple process. It means that people can buy goods in a matter of minutes and have them delivered in a matter of minutes. With just an increase in competition, its warehouses that store the goods and the distribution network that gets them to each of us have seen a dramatic change. Purchasing items online has become a simple process. Because of the industry’s tenacity and foresight, those at home can maintain some semblance of normalcy in terms of getting what they need when they need it.

By definition, logistics is the art and science of obtaining, producing, and distributing material and products in the proper place and quantity.

Transport, Shipping, and Logistics Issues to be solved Using Blockchain

Technology Payment for transportation and risk management

The average amount of day’s sales in inventory in trucking is 36.9 days. Smart contract payment technology can reduce payment delays and disputes.

Administrative expenses

The cost of document processing and administration can reach 20%. blockchain aims to reduce transportation costs accounting for two-thirds of total costs. Blockchain-based technology can significantly help to reduce it.

Quality control and freight monitoring

Cold chain monitoring is a significant challenge for the pharmaceutical industry, where temperature variations affect 8.5 percent of global shipments. This figure can reach 20% in some countries.

Transparency and faith

Cargo thefts alone are estimated to cost the world $30 billion per year. The implementation of blockchain results in a reduction in illegal behavior and its detection throughout the supply chain. Blockchain enables transportation and logistics companies to run more efficient and cost-effective businesses.

How does blockchain revolutionize the agriculture sector ?

Among the most practical implementations to be built on the Blockchain is a massive challenge in agriculture, so one can perceive it as an opportunity. Consumers are more aware of food security, where Blockchain applications can play a crucial role in tackling many of agriculture’s most pressing issues.

Farmers are presently facing many difficulties in agriculture, but with the proper application of Blockchain technology, these issues can be solved:

Discord between the supplier and the seller
Scarcity of financial resources
Throughout food production and distribution, there is a lack of transparency.

NEED FOR BLOCKCHAIN IN THE AGRICULTURE SECTOR

Agriculture is a vital part of human society as well as the basis of today’s life. Agriculture’s strong links to the global market, bio-diversity, and human lives and history are undisputable. It is the world’s largest industry, employing over 1.3 billion people and valued at $5 trillion (ILO, n.d). (Goedde, 2015). Agriculture empowered us to grow our own food, and as a matter of fact, humans shifted focus from a hunter’s society to a self-sustaining one. Competition for economic resources and the role of agribusiness firms, the agricultural value chain includes a wide range of activities from farmer to consumer (farm equipment, seeds, fertilizer, insecticides). Agriculture can all be extensively divided into 3 main levels: production, industrial processing, and retail or wholesale distribution. Each process is linked to the next brings the value of business inputs or goods. Agriculture is highly dependent on limited resources such as water, agricultural land, and biodiversity. At each level of the supply chain, different players perform different functions, such as production companies, consumers, and groups that provide means of production such as seeds, fertilizer, and pesticides. Natural resources, such as water, are depleting at an alarming level due to population growth and traditional agricultural methods. Agriculture consumes nearly 70% of the world’s available freshwater.

Advantages

Extensive Demand
Advantages in Competition
Opportunities that are appealing
Policy Assistance Growth Drivers
India, the world’s second-most populous country, must meet the consumption needs of approximately 1.20 million people.
This is a key demand driver for the country’s agricultural growth.
Demand is increasing as a result of rising worldwide economic needs and increased competition

All of these issues can be resolved with the help of cost-efficient intermediaries. Blockchain technology has the potential to completely transform agriculture. The Blockchain generates a permanent, ongoing history of events implemented and stored on each participating node. It is harder to reverse records since there is no centralized authority. Because it is a distributed decentralized account, it offers customers a transparent view which is very safe and nearly impossible to hack.

Also read: Is cryptocurrency influencing the gaming industry?

Is cryptocurrency influencing the gaming industry ?

Since the early 2000s, Technical specifications have exploded, and digital computer technology has advanced at such a rapid pace that any new batch of games, graphics, and consoles seems to blow the previous generation out of the water. The costs of infrastructure, servers, and the Internet have mostly plummeted that even the Internet at hyper-speed is now accessible and commonplace, and 3.2 billion active users have access to the Internet.
This gaming community has grown with players from all age groups. The introduction of smartphones has changed the traditional perspective of whom to play games. From elders playing Candy Crush Saga to children playing Pubg has
made the gaming industry one of the most profitable industries.

Also, the network of gamers has grown in a short period helping them make a good amount of money while playing games. Whether you are a 90’s kid or a 2k Kid, it doesn’t matter. What matters is how the gaming community has grown anonymously & changing the approach of people towards gaming platforms.
Generations have passed evolving our relationship with games to make sure we are
also a part of this fast-growing network

Needless to mention, the two rapidly emerging developments in the world right now are Cryptocurrency and Blockchain. Gamers worldwide are shifting to cryptocurrency-based gaming because along with playing the games, they provide them with a user-friendly gaming experience. These days, in every part of our lives, this emerging technology plays a major role and the gaming industry is no different.
As a result, digital currencies have begun to be used for payment mechanisms by most blockchain game developers around the globe. This is because it provides them with the fastest and shortest purchase relative to other payment schemes.
The token technology opened a way for the gaming and retail industry to benefit from various advantages. This is because gaming and crypto-currency tokens allow businesses to take advantage of both private and public blockchain in-game digital assets.
The gaming business is therefore known as one of the leading cryptocurrency contributors. Many gaming industries have in-game currencies for players that they can use to acquire, invest and earn when playing the game. In the form of fiat cash or gift cards, this digital currency is available to gamers. Inside the gaming sites, all this is typically open to players, so that they can pay a penny to make further purchases such as weapons, apparel, and more.
As the gaming industry continues to grow more cryptocurrency-integrated games,
more gamers will be interested in these gaming networks and digital currency use will likely rise gradually. Gamers who are not aware of cryptocurrencies will own a token balance in this way. As a result, advanced stages of their favorite game can be leveraged.
Thus, it can be said that blockchain is the future gaming industry

Also read: Is Polkadot the fourth Largest Cryptocurrency?

Is Polkadot the fourth Largest Cryptocurrency?

According to CoinMarketCap data, Polkadot (DOT) surpassed its ongoing recent gains both by Bitcoin (BTC) and Ethereum (ETC) to rise as the 5th biggest cryptocurrency by market cap.

Take a look at the explosive growth of decentralized finance, or Defi, this year, and it’s clear why Ethereum is dominating so many discussions in the enterprise space right now.

The native cryptocurrency of the second-largest blockchain, ether (ETH), is up 266 percent this year, more than twice as much as the soaring bitcoin (BTC).

However, many savvy digital-asset investors are hedging their bets by purchasing tokens connected with upstart blockchains that have the potential to overpower its Ethereum network, which is called the “world computer” due to its efficiency and programmability. A dot (DOT) of the Polkadot blockchain, whose co-founder Gavin Wood was a co-founder of Ethereum, also is such a token.

Polkadot is built around the idea of “parachains,” which are blockchains that can process many transactions per second than Ethereum due to their more sophisticated design. The word is brief for “parallel blockchains,” as per Peter Mauric, at Parity Technologies.

Developers, as per Polkadot investors, have used Moonbeam, a Boston firm that has designed its para chain to resemble a toolkit familiar to Ethereum developers. Interlay, which plans to launch a wrapped bitcoin project called “PolkaBTC” in 2021, and cross-chain liquidity supplier Balance, this will be the first Polkadot project, are two results presenting use cases to Polkadot.

Polkadot’s able to develop new blockchains is compelling from an investment standpoint, according to van Schreven.

Having supported Ethereum, van Schreven believes Polkadot’s “blank slate” will allow it to offer users brand-new robustness, certainty, and governance features.

The Polkadot platform’s token, DOT, performs three functions. It is staked to provide security for the relay chain, to be bonded to connect a chain to Polkadot as a para chain, and to be used for network governance.

All of this could lead to more developers adopting the network, which is one of the drivers for Ethereum’s growth, and Polkadot’s parachains would bring the advantage of that fact.

On even a week – average, Polkadot increased 49.74 pct, while at press time, Bitcoin and Ethereum increased by 0.49 % and 9.29 %.

DOT is raging right now, as it rises to the 4th spot in the market cap rankings. Even as the cryptocurrency exchange rally continues, there have been many significant movers and Polkadot’s DOT token is one of those. DOT has reversed Ripple’s XRP in market capitalization, per the data from leading analytics platform Coingecko, after a huge rise of 26 % 24hrs. This offers it, on market value, the current fourth-largest cryptocurrency.

DOT’s market cap currently stands at around $13.45 billion, while XRP’s at about $13.28 billion.

“POLKADOT HAS THE POTENTIAL TO BE THE NEXT ETHEREUM IN COMING YEARS!”

In recent days, its dramatic rise in the value of DOT, over 50% in the last 7 days, further propelled its market cap to greater levels. As per CoinGecko, DOT is currently selling for around $ 15, whereas XRP is at around $ 0.28.

Polkadot is also a proof-of-stake blockchain network and an Ethereum competitor. Ethereum co-founder Gavin Wood developed the protocol and came online in May last year. It aims to solve the robustness and integration challenges of Ethereum.

For Decentralized Finance (Defi) investment purposes, Polkadot is now the most convenient alternative to Ethereum. Approximately 19 % of Defi projects that earned venture funding were focused on Polkadot between September to November 2020.

For now, as its owner, Ripple, is battling a legal dispute with the U.S. government, XRP is under pressure. The Securities and Exchange Commission reported last month that Ripple and two of its employees, CEO Brad Garlinghouse and co-founder Chris Larsen, were involved in unauthorized securities deals.

Polkadot also can analyze data more accurately, enabling decentralized applications that run without experiencing challenges of extensibility. In the future, alongside dApps, the crypto is likely to promote massive Defi protocols.

To understand, Polkadot is soaring, steadily, which could mean a good leap. It will be exciting to see where its value reaches in 2022.

Also read: Does Bitcoin in Business have a future?

Does Bitcoin in Business have a future ?

Along with the decentralized existence, cryptocurrencies are a threat to markets of today, taking them out of the grasp of government control. Signs that Bitcoin has entered into progressive culture include its position throughout the U.S. courtroom Drama series The Good Wife, in a drama called “Bitcoin for Dummies.” The blockchain is identified as “a platform that is secured without an authority, decentralized across several multiple computers, yet tamper-proof, and offers an obligated to maintain that is explicitly managed amongst individuals.” Fundamentally, by establishing a decentralized means to verify and authenticate, the blockchain enables the ability to cut off the middleman.

You don’t need to know how blockchain functions to own as many bitcoins or any digital currencies. That being said, the term is relatively simple. Its best approximation of as a total repository of any blockchain network ever made, where every cryptocurrency user has a copy that is periodically reviewed as new transactions take place.

Food Safety Measures

Walmart is among the soaring list of major organizations introducing blockchain technologies to optimize their performance. Last year, this multinational retailer formed a partnership with IBM for using blockchain to monitor the sources, protection, and authenticity of the food it sells. The platform aimed to improve the accuracy and efficiency of this challenge. Before blockchain, locating the sources of food could take Walmart one to two weeks, while the process can be carried out in 2 seconds mostly during the plan was controlled remotely in partnership with IBM. What that means is that, in the case of foodborne illness (insecurity induced through “Mad Cow” diseases and Avian flu should be fresh in everyone’s mind of users), retailers such As Walmart would be capable of deciding within only a few key buttons whether food packages come from a same compromised lot. Pandemics can be prevented.

Healthcare Industry – Transparency

Blockchain often is synonymous with confidentiality and thus can be implemented in the medical sector without privacy issues. No patient needs his or her information on the public register. However, this data can be encrypted; and its immutability and reliance on the previous ledger provide a safer choice than any physical database. Affordability for healthcare practitioners will also, in several cases, form the foundation of an appropriate diagnosis and treatment plan for patients. In an analysis conducted by Deloitte, blockchain was recognized as having the opportunity to position the patient at the forefront of the health sector while ensuring privacy and safety.

The blockchain can also be extended to education, used to verify attendance and identification for examinations conducted in remote locations. More comprehensive technologies could capture entire company processes and ensure their enforcement in the business and its impact will be ground-breaking.

Just as there was phenomenal exuberance in discovering what cryptocurrencies like Bitcoin might do, so would there be enthusiasm around the various applications for Ethereum. Bitcoin was the first of several cryptocurrencies, and Ethereum is only the first to leverage the blockchain in a versatile and effective manner.

Watch this space to know more about crypto trends and blockchain applications.

Also read: What is Burn and mint equilibrium in crypto world ?

What is Burn and mint equilibrium in crypto world ?

In the crypto world, burning assets (coins or tokens) means eliminating them by sending them to an ‘eater address,’ which is not accessible by anyone, since no one owns the private keys to that address.

In other words, whenever assets are ‘burned,’ they do not go up in smoke. Instead, they are just quarantined, never to be accessed again by anybody. Every transaction that is conducted on the blockchain is public; therefore, these coins are effectively taken out of the total supply and can be verified by anyone at any point in time.

Coin burning is the process of permanently removing cryptocurrencies from circulation, reducing the total supply. To explain how this works, we will be using Binance Coin (the old BNB ERC-20) as an example. The previous contract for BNB, while it was on the Ethereum network, can be found here.

When the Binance Coin was still part of the Ethereum network, Binance performed periodic Coin Burn events using a smart contract function known as burn function.

After burning value-seeking

tokens to obtain payment tokens, users spend the payment tokens to access network services. This allows users to show the network that the service provider finished the work for the value-seeking tokens that were burned.

It’s worth noting that these payment tokens aren’t transferable.

They are not being sent to anyone by the user.

Service providers are then rewarded through inflationary minting, which is separate from the token burning process.

As the network grows in popularity, value-seeking tokens are burned, and the tokens gain value.

As their value rises, fewer tokens will be required to be burned to receive the same number of USD-denominated payment tokens.

If usage falls, a dynamic is created to bring the price down.

How is this accomplished? In the digital currency world, it is difficult if not impossible to control the flow of tokens once they have been mined. To remove tokens from circulation, miners and developers acquire those tokens and then send them to specialized addresses that have unobtainable private keys. Without access to a private key, no one can access these tokens to use them for transactions. Thus, the coins become unusable and relegated to a space outside of the circulating supply.

Of course, there are massive risks associated with coin burning, too. First, burning coins is no guarantee that the remaining coins in circulation will gain in value. It does not necessarily even reduce the total number of tokens outstanding in circulation, as the supply of tokens in circulation seems to fluctuate considerably.

Bitcoin is an example of why coin burning may not work. Bitcoin is capped at 21 million tokens; some analysts believe that this cap helps to contribute to the value of BTC.

How are Social media And Cryptocurrency related ?

Our lives are influenced every day by social media. Some people also assume that if anything on social media is not You’ve been using Facebook, Instagram, YouTube & Twitter, etc. When we think of social media sites, these are the names that come to our attention. The way we all communicate with each other has been transformed by social media sites.
This has also changed the way thoughts are shared. The fact that social media is increasingly accepted as a medium that helps guide search keywords to corporations’ websites, leading to improved page traffic and brand popularity/visibility is one of the major factors contributing to the growth of
the global social networking industry. In the growth of the market, the proliferation of smartphones also plays a crucial role.
From smartphones, a substantial number of active users access social media.
Every business works on a good concept and there is a revolution in social media
sites. People from diverse industries with various ideas are part of these social media networks, regardless of their age, ethnicity, and location.
In every region, these channels with big engaging networks have been generating a boom. Social networking networks also accelerated the speed of ideas being shared and built into larger enterprises, then it just doesn’t happen.
This is why social media plays such a significant role in cryptocurrency’s growth and value.
Via social media, individuals involved in and holding bitcoin, which is the
most common and valued cryptocurrency can get just about any data on it.
The launch of bitcoin into the mainstream has benefited Facebook, Twitter, and recently Reddit. Cryptocurrency is even seen by Facebook as an investing opportunity. This is part of the role of social media in the future of global cryptocurrency adoption.
The effect will also function inversely: once mass acceptance is reached; another wave of social media networks will result in this. Social networking networks have given the blockchain industry several fresh qualities, and this trend will continue.
When connected to online forums, blockchain technologies and digital currency are merging developments. These online areas of debate also helped to provide initial appeal to cryptocurrencies, but also improve the general climate.
Blockchain infrastructure itself could also modify social media for the positive over
time.

Blockchains can also preserve benefits in terms of non-fungible tokens or NFTs.
These are tokens that reflect a significant value. Social media have exclusive and
collectible properties. These resources are very useful. Tokens may be used to
describe these products to make them easier to store on a wallet, not costly to sell
and exchange via an international market.

What are the powerful Applications of Blockchain?

Most of the people who heard this term consider that “blockchain” is only something to do with cryptocurrencies, Bitcoin, litecoin, dogecoin, and others. It’s the technologies that encompass cryptocurrencies and assures that transactions are performed and registered. So what’s recorded on the blockchain doesn’t have to be only a unit of currency – it could be used in any form.

Smart Contract

The main feature is the customizable smart contract: a code stored on the blockchain that runs automatically when certain requirements are met. With uses concerning a financial transaction, it makes good sense to use bitcoin or some digital currency for the same purpose – in so doing, transfers can be streamlined and secured without risk to private entities, including a bank. Present types of smart contracts are digital rights management, used in certain online media archives, which is a smart contract for the regulation of copyright licensing. The code that automatically moves traffic within defined bounds is a form of smart contract to enforce and execute service-level agreements among both service providers and users. Ethereum smart contracts are recorded in a type of logic similar to those observed in contracts and are built into the blockchain where they operate as binding, self-executing statements. Using the blockchain means that each contract is distributed over the network, with duration thresholds negotiated and written into the contract.

Crowdfunding

In reality, blockchain technology allows start-up developers to secure financing through tokenization of equity and offers investors a chance to exchange set interests through a secure platform. This means that startups no more need to plan multiple pitches for angel investors and VC firms; each business requires only one proposition to reach an even larger reach. Tokenized equity establishes solidity never seen yet in the financial sector, as tokens are exchangeable on the marketplace, and investors can sell them and cash well in advance of its public offering. Another obvious advantage of blockchain is that it is the most secure option for handling money transfers.

Also read: what are the advantages of currency backup on the blockchain?

What are the advantages of currency backup on the blockchain ?

The system and the data are particularly resistant to technological failures and malicious attacks because blockchain data is commonly kept in thousands of devices on a distributed network of nodes. Because each network node can replicate and store a copy of the database, there is no single point of failure: a single node falling does not affect the network’s availability or security.

Many traditional databases, on the other hand, rely on just one or a few servers and are thus more vulnerable to technical failures and cyber-attacks.

STABILITY

Confirmed blocks are very unlikely to be reversed, meaning that once data has been registered into the blockchain, it is extremely difficult to remove or change it. This makes blockchain a great technology for storing financial records or any other data where an audit trail is required because every change is tracked and permanently recorded on a distributed and public ledger.

For example, a business could use blockchain technology to prevent fraudulent behavior from its employees. In this scenario, the blockchain could provide a secure and stable record of all financial transactions that take place within the company. This would make it much harder for an employee to hide suspicious transactions.

Trustless system

In most traditional payment systems, transactions are not only dependent on the two parties involved, but also on an intermediary – such as a bank, credit card company, or payment provider. When using blockchain technology, this is no longer necessary because the distributed network of nodes verify the transactions through a process known as mining. For this reason, Blockchain is often referred to as a ‘trustless’ system.

Therefore, a blockchain system negates the risk of trusting a single organization and also reduces the overall costs and transaction fees by cutting out intermediaries and third parties

Blockchains are an ideal fit for the e-commerce business because they are designed to hold transactional data. Due to the significant influence of technology advancements, the concept of online selling has only been more exemplary with time. The most recent of these is blockchain technology, which is poised to transform every industry with its enormous potential. Blockchain has a lot to offer the e-commerce industry, from removing intermediaries to optimizing processes.

Faster Transaction

Traditional payment processing systems, which entail roughly 16 processes, can have total fees ranging from 2% to 6%, a payment processing startup based on the Ethereum blockchain. Simplifying the transaction process can help both customers and merchants, given the various parties involved in a transaction. The need for intermediaries is eliminated because blockchain transactions happen on a single network. The network speed, as well as the rate at which new blocks are created, determine transaction speeds.

Data Security That You Can Trust

A centralized e-commerce store is always susceptible since inadequate encryption can quickly compromise it. Even systems that are well-encrypted can become encrypted as a result of new hacking techniques. Because of its decentralized ecology, it is hard to hack a blockchain system from a single point of entry. Hackers will be prevented from entering into networks and gaining access to sensitive consumer information and databases by using blockchain-based e-commerce. This will also guarantee that the company follows data security guidelines.

Also read: Is there any technological rise in cryptocurrency in recent times?