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What are the key components of blockchain technology?

  • Agriculture is one of the most important sectors where blockchain technology has the potential to tackle wide-ranging concerns with product stealing, traceability, price fraud, and customer distrust.
  • The development of a more reliable, sustainable, and secure agri-food system is possible with the use of blockchain technology.
  • The prospects of blockchain evolved rapidly, with blockchain being used in areas other than cryptocurrencies and smart contracts playing a central role and creating enormous potential.
  • For example, a blockchain can increase transparency and accountability in supply chain networks and help detect counterfeit products easily, reduce intermediaries, and facilitate product traceability.
  • The quality and digital identity of goods (seeding, treatments, crop, IoT, processing, storage, distribution, etc.) may be certified by this integrated system, ensuring authenticity to end users and boosting the calibre of the agri-food industry, etc.
  • Such characteristics could potentially benefit the agricultural sector.
  • The agriculture supply chain consists of many different parties (e.g., farmers and resellers) that are usually not located in the same geographical area and deal with natural products or services without knowing all the other partners.
  • This complexity of the supply chain can be problematic and an obstacle to cooperation between the parties.
  • Blockchain can offer a possible solution to this by improving the level of trust between the participants of the supply chain.
  • Moreover, through the blockchain, there can be transparency throughout the agricultural chain, which will help build trust indirectly.

How Blockchain can enable traceability and transparency in the agri food supply chain: This video explores how blockchain can provide end-to-end traceability and transparency in the agri-food supply chain, benefiting farmers, businesses, and consumers.

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