4 Ways Blockchain Technology Will Transform the Agriculture Sector
Over the last few months, Blockchain has become the cornerstone of every media news, publication and press release. It has enjoyed the spotlight in the market – being more than a technology behind the working of Bitcoin and Cryptocurrencies.
It has entered various business verticals, may it be real estate, healthcare, travel, enterprise, finance, or mobile economy. But, one such industry which has received a new era of disruption because of Blockchain technology is Agriculture.
Yes, you read it right.
The Blockchain technology has proven the potential to revamp the Agriculture sector and improve the lives of farmers in a myriad of ways, some of which are:-
- Ease of Traceability
Blockchain technology seems to be a perfect solution to the growing turbulence and risk of counterfeit products delivered to the consumers. The technology, with its characteristic of creating an immutable and publicly accessible digital ledger, will enable the farmers and merchants to keep an updated record of their crops right from planting to harvest, storage and delivery.
The technology will keep them informed with the real-time status of their crops and prevent anyone from interfering with their process. And the best part is that this real-time update feature will not be restricted to crops. The farmers will be able to access and maintain a trackable record of seeds, soil tests, farming equipment, and other such things – all by hiring the right Blockchain app development company.
In addition to this, the technology will also facilitate the farmers to maintain regulatory compliances and look into the requisite documentation, as well as share the data with authenticated third-party agencies which imply streamlined data entry and verification process.
- Seamless Payment
With the help of Blockchain technology, the farmers can enjoy instant transactions across the borders without any hassle. They can ensure that they get the price declared in the market for the quality of their deliveries and prevent interacting with frauds.
One such startup that works on this functionality of Blockchain system in Agriculture domain is Australian-based Blockgrain. It provides the farmers with the service of real-time transactions as well as access to the brokers and merchants who could offer them maximum ROI.
- Effective Farming Resource Management
The Blockchain technology will take the resource management process to the next level. It will empower the farmers and merchants to maintain a simple, interactive and real-time accessible record of their crops, equipment, machines, practices guidebooks, and other resources. In this way, the technology will assist them to optimize their resources well, share the information safely and securely from generation to generation, and create higher marketing value for the crops.
- Quality Control via IoT
Blockchain technology will aid the farmers to ensure a higher quality of crops by merging with the Internet of Things (IoT). The Blockchain of Things (Blockchain + IoT) will collect and store the real-time values of soil quality and other factors considered for high-quality yielding in the Blockchain blocks. These blocks will be accessible by the farmers in real-time, which will help them to monitor irrigation, pests, fertilization level, soil quality and thus, go with the right practices.
In other words, the technology will digitize the quality analysis process of Agriculture industry and aid to deliver top-quality results.
Considering the aforementioned four applications of Blockchain technology in Agriculture industry, are you planning to invest in Blockchain-based agricultural solution? If so, hire the best Blockchain app development agency today.