Real-world Application of blockchain in AgriFood
- To make agricultural applications more efficient and reliable, we can divide blockchain applications into four categories:
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The first is the provenance of traceability and food authenticity.
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The second category is smart agricultural data management.
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The third category is trading finance in supply chain management.
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The last is the category of other information management systems.
Application of Blockchain in AgriFood
- Supply Chain Management: Agricultural products may be tracked using blockchains to provide an effective and transparent supply chain in the agriculture sector. Blockchain technology has the ability to record every transaction and movement of goods.
- Food Safety: By offering a safe and immutable record of the product’s journey from farm to table, blockchain can assist in increasing food safety. This enables targeted recalls of contaminated items and can assist in locating the source of any contamination.
- The computerized database manages and tracks digital and physical resources. The use of blockchain technology improves transaction quality.
- Customers may utilize the blockchain to verify an item’s authenticity and legality.
- Land Registry: Blockchain can be used to establish a safe and transparent land registry by reducing the risk of land disputes and improving access to credit for farmers.
- Payment Systems: Blockchain technology provides secure and efficient payment systems for all agriculture transactions. With the use of cryptocurrency, farmers and buyers can easily neglect the high fees offered through traditional payment systems which can decrease the probability of getting defrauded.
How blockchain may relate to the food chain
- The ability to track the path of a product aids in regulation and legal accountability.
- Regardless of the manner of transmission, smart contracts play a critical role in this scenario.
- When the supply chain goes from the end-users to the merchants, it is then controlled by a blockchain-based supply chain system with certifiers from well-known groups.
Application of Blockchain in Smart Farming
Blockchain in Post-Harvest Handling and Grading: This video discusses the potential of blockchain in improving efficiency and transparency in post-harvest handling and grading processes.
The integration of blockchain technology in smart farming practices opens up a plethora of possibilities. Some of the notable applications include:
- Smart Contracts for Automated Agreements are self-executing contracts with terms directly written into code. In agriculture, these contracts can automate agreements between farmers and distributors, ensuring timely payments and adherence to quality standards.
- The Internet of Things (IoT) devices and Data Management in smart farms generate vast amounts of data. Blockchain provides a secure and decentralized platform for managing and sharing this data, facilitating data-driven decision-making for optimal agricultural outcomes.
- The integration of blockchain technology in smart farming practices opens up a plethora of possibilities. Some of the notable applications include:
- Crop Monitoring and Quality Control by combining blockchain with IoT sensors, farmers can monitor crops in real-time, receiving data on temperature, humidity, soil moisture, and more. This information helps farmers make informed decisions and maintain optimal crop quality.
- Fair Trade and Ethical Labeling, where blockchain can be utilized to verify fair trade practices and ethical sourcing of agricultural products. Consumers can scan QR codes on products to access information about the product's journey and verify its authenticity.
- Certification and Compliance - blockchain streamlines the process of obtaining certifications for organic and sustainable practices. Certificates can be stored on the blockchain, allowing easy access for regulators and consumers alike.
Case Studies of successful implementation
AgriDigital
- The AgriDigital company’s success is used as motivation for the future application of this technology in the agricultural supply chain. AgriDigital is now working to develop reliable and effective agricultural supply networks using blockchain technology. For this very reason, the demand for blockchain technology can see progressive growth in the agricultural field.
- AgriDigital, a leading independent digital grain firm, completed the world’s first settlement sale of 23.46 tons of grain on a blockchain. Since then, more than 1,300 customers have used the cloud-based system to process approximately 1.6 million tons of grain and $360 million in producer payments.
Automatic Generation of Blockchain Agri-food Traceability Systems: This video focuses on the use of blockchain for supply chain management, product provenance, and traceability in the agri-food sector.
