Blockchain allows peer-to-peer transactions to take place fairly, without a mediator such as from a bank or even a middleman in the agricultural sector. By eliminating the need for a single organization, innovation alters the way trust is granted – but rather trusting an authority, credibility is placed in cryptography and peer-to-peer system. It relates to the redevelopment of integrity between producers and consumers, which can lower transaction fees in the agro-food market. The blockchain creates a trustworthy process of recording transactions between anonymous participants. As a consequence, forgery and malfunctions can be traditional low. Furthermore, by combining smart contracts, issues can be confirmed in real-time (Haveson et al., 2017; Sylvester, 2019). Given the complex nature of the agro-food system, it aims to alleviate the challenge of the data generation process throughout the large supply chain. Thus, technology provides solutions to consumers, government, or other stakeholders’ worries about food quality and safety. Blockchain promotes transparency among all involved parties and makes it far easier to collect accurate data. Blockchain can record every step in an item’s value chain, from the establishment to extinction. Reliable data from the farming process is extremely valuable for producing data-driven facilities and payment solutions that will make farming smarter and less susceptible. This whitepaper analyzes blockchain technology applications in agriculture and food
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.
Everyone is knowledgeable about Bitcoin cryptocurrency. It is already one of the world’s most successful cryptocurrencies. Even so, some other cryptocurrencies like- Agrolot, CarbonCoin, PavoCoin were made solely for the agricultural sector. It is used directly by farmers and has a lot of potentials.
Also read: Is green blockchain technology a way to go today?
