Blockchain Infiltrated the Agriculture Sector and You Might Not Know It
Blockchain has been the buzzword of the last year. The high market value of Bitcoin and other cryptocurrencies have made them very lucrative not only in the finance and IT industries but even agriculture. While cryptocurrencies are in the spotlight, it is important to take note that blockchain technology is not only about digital cash as it is actually a type of secure and powerful database.
Traceability of Crop Supply
The blockchain ledger can help farmers update that status of their crops from planting to delivery. This makes the technology very beneficial, especially in large operations. It is also a secure ledger that never loses a load, so you can view the status of your crops in real time.
It can also be used to document the supply chain so that farmers can meet the regulatory compliance as well as meet the expectations of consumers. This is especially true among farmers who aim to produce organic produce and want their crops to be verified as organic.
When it is time to sell the crops, growers can also use the blockchain technology as a platform of payment. For instance, Australian-based company Blockgrain offers a payment platform to farmers using the technology.
Precise Agriculture Resource Management
Farming management can be complicated. There are so many things to take into consideration to ensure that crops grow successfully for every season. Thus, the blockchain technology can be used by farmers to record al field applications as well as track the resources in real time.
It can be used to track everything from planting season, crop types, machinery maintenance, the status of filed sensors, and many others. In a nutshell, the growers can keep a real-time picture of the entire farm operation thus it can help farmers make a sound decision based on the data available from the blockchain technology.
What makes this technology perfect in agriculture resource management is that it has a decentralized nature in keeping records. Thus, any updates automatically become part of the ledger and that every device that participates in record-keeping gets an updated record. This means that even in the absence of internet connection, you can still update the record and it gets synched once you are back online.
Integration of Internet-Of-Things
The blockchain technology can also be incorporated with the Internet-of-Things (IoT). Recently IBM focused IoT for farmers so that they can monitor soil quality, irrigation, pests, and other factors to grow better crops and yields. The sensors on the IoT produce records and what better way to store the records than using the blockchain technology.
As a database, it contains a ledger containing accounts and transactions that are easy to access as long as you have the right keys. Thus, for the agriculture sector, this technology can be used by growers and farm owners in keeping track of inventory and contracts. It can be used in combination with apps and spreadsheets so that it can become a single source of data for the entire farm. Blockchain can reduce the strain when it comes to record-keeping as well as maintain multiple record systems. This results in the farmer saving time and energy, making it a valuable technology in the agriculture sector. The technology is not all about helping farmers earn more money but help in the automation, digitization, and tracking of their entire operations.
Inspired by agfundernews.com