Blockchain in Agriculture

Blockchain Technology has the potential to revolutionize agriculture.

But how? Read on to find out -

What is Blockchain Technology in Agriculture?
Driving factors for the need of Blockchain
Stakeholder's participation
Expected market growth and future outlook
Startups in Blockchain Technology
Key application

What is Blockchain Technology in Agriculture?

Blockchain in agriculture enables the information to be traced across food supply chain thus improving the food safety. All types of information such as crop growth, quality of seeds used, and most importantly the travel of plant until it reaches the end consumer can be traced using this technology.

This enables the consumers sitting in any corner of the world know the quality, place of origin, custodian information of the produce they purchase, providing transparency and trust in the food supply chain.

Driving factors for the need of Blockchain are -

Lack of transparency in present supply chain: Third party middle men involvement has increased a lot due to complexity in the supply chain leading to unethical practices and payments Blockchain has the potential to maintain end to end transparency.
Increased need for food traceability and safety
Need for efficient financial Transaction: Financial transaction and record keeping are lacking in the existing infrastructure, Blockchain can act as a solution for this problem as well

Stakeholder's participation

Active participation of stakeholders is crucial for the successful implementation of Blockchain-

1) Farmers: They have the least access to end user markets in the present supply chain. Blockchain aims to increase their stake and access to end users in supply chain, thereby increase in their income as well.

2) Processors: Validation from stakeholders and confident data sharing.

3) Distributors and retailers: They will have to modify the present system and have greater claim of authenticity of product.

4) Traders: They have to be the first adopters of Blockchain among all stakeholders, as their current infrastructure is more in line with blockchain powered supply chain.

5) Consumers: Increased trust in agri food chain system.

Expected market growth and future outlook ( According to BIS research)

Global Blockchain in Agriculture and food market is anticipated to reach $1.4 million by 2028

Phases of Blockchain adoption in Agriculture

Early adoption phase(2017-2022)
Growth phase (2023-2025)
Maturity phase (After 2025)

Though the adoption of blockchain has been fragmented, countries having supportive regulatory landscape are- Japan, Singapore, Australia, UK, Switzerland, US, Canada, UAE, Chile

Blockchain startups in Agricultural Technology are:-

AgriDigital

Demeter

AgriChain

Ledger

Ripe

Worldcovr

TE-Food

The Blockchain has thus the potential of reshaping agricultural industry's way of doing business along with decreasing risk of fraudulent activities, increased transaction speed, helping farmers control and analyze crops and much more.

It can't be neglected that there are yet many challenges to be sorted out yet in the long run this Blockchain technology can be a boon to farmers and all other involved stakeholders if properly employed.