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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?

Is there any technological rise in cryptocurrency in recent times ?

The most well-known blockchain application is cryptocurrencies. Bitcoin, Ethereum, and Litecoin are examples of digital currencies (or tokens) that can be used to purchase goods and services. Crypto, which works similarly to digital money, may be used to purchase everything from lunch to your next home. It has no intrinsic value, no physical form, and the bank has no control over how much of it is produced. There are around 6,700 cryptocurrencies in circulation around the world, with a total market capitalization of $1.6 trillion, with Bitcoin accounting for the majority of the value.

These tokens have grown in popularity in recent years, with one Bitcoin being worth $60,000. Because each bitcoin has its own unique identification number that is connected to one owner, the security of blockchain makes fraud much more difficult.

Crypto eliminates the need for distinct currencies and central banks because it can be sent to anybody, anywhere in the world, via blockchain without the need for a currency exchange or a financial institution.

In the world of cryptocurrencies, there have been several notable advancements, some of which are noted below:

Goldman Sachs has made Bitcoin funds available to its high-net-worth clients, accelerating the adoption of virtual currency within the firm. A modern Digital Assets Group is housed within its private fortune. The management section of the investment bank will soon help rich clients invest in Bitcoin.
Large corporations are increasingly exploring using a blockchain-based digital currency for payment purposes. Tesla said in February 2021 that it would invest $1.5 billion in Bitcoin and accept it as payment for its cars.
PayPal has begun allowing US users to utilize their bitcoin holdings to pay millions of its global online merchants. Customers who have cryptocurrency in their PayPal accounts
Digital wallets, for example, would be able to make purchases at the checkout using their assets.
PayPal has begun allowing US users to utilize their bitcoin holdings to pay millions of its global online merchants. Customers holding cryptocurrencies in their PayPal digital wallets, for example, would be able to make purchases with their assets at the checkout.

Blockchain technology has a wide range of applications outside of bitcoin and cryptocurrencies. From a business standpoint, consider blockchain technology to be a type of next-generation business process optimization software. Blockchain and other collaborative technologies have the potential to improve commercial operations between companies while lowering the “cost of trust” significantly. As a result, it has the potential to outperform many traditional internal investment funds in terms of returns on investment. From clearing and settlement to insurance, financial institutions are investigating how blockchain technology can disrupt the industry.

Also read: How will Cryptocurrency Bill 2021 impact bitcoin investors?

SBI to Pioneer in Blockchain Technology with JP Morgan

The State Bank of India has joined hands with JPMorgan to accelerate overseas transactions by using blockchain. The partnership is aimed at reducing overall transaction fees for SBI customers as well as the time it takes for payments.

The inclusion of the largest banking institution to the international blockchain platform controlled by a major banking giant will imply lower costs and improved transfer rates, faster speed, as per the research and sources.

The blockchain network, named ‘Liink’, enables banks, financial firms, and businesses to exchange and transact information on the peer-2-peer system. Using blockchain, SBI as well as other banks can safely share information with relative efficiency and ease through a large number of banks as well as institutions. Currently, SBI, ICICI Bank, Canara Bank, IndusInd Bank, Kotak Mahindra Bank, Federal Bank, Union Bank, and Yes Bank along with more others are on board.

Issues in Overseas Transfers

Banks are generally vigilant concerning sending money abroad on behalf of customers, including supply-chain finance, money transfers, or cross-border payments, since they have very few tools and processes to undertake proper checks on the receiver or source of funds. In addition to this, traders and companies are bearing heavy costs and hidden fees. Further complications begin when tracking the payments gets difficult. There are multiple cases of fraudulent transactions and transfers. In trade, there is a tremendous gap between buyer and seller causing discrepancies. A solution to this was cost-effective cross-border transactions at a faster speed.

Blockchain Solution

To tackle the issues faced, a Blockchain solution called LIINK has emerged. About Know-Your-Customer (KYC) data, identification, and company verification, as well as regulatory compliance documents, among many other use cases, the framework enables banks to connect with coordinates. Well before making a payment, Link further allows pre of bank details, which can help in fraud and control measures.

Link is based on the Ethereum network and in 2017 this is designed and built. It was specifically designed for in-house usage, notably in an attempt to optimize cross-border financial transactions.

JP Morgan encouraged Fintechs and other companies to enter the platform and develop applications and services. As per Coin Press Turbo sources, the SBI banking group is looking forward to this digital transition that adds value to services for everyone. JP Morgan is willing to expand its reach in Blockchain and make way for emerging technologies to clients’ benefit. To exchange information payment methods with the other financial institutions, SBI has integrated Link into its operations. Around 100 banks worldwide are now live on the network. Several other large national lenders, both government and private, are said to be on that level throughout conversations with JPMorgan.

This will garner customer satisfaction, and fraud control built on the foundation of transparency and authenticity.

Also read: How to do a Market analysis of upcoming crypto tokens?