Blockchain Technology in Agriculture and Its Best Uses

• Blockchain technology is impactful in the field of agriculture.
• Farmers can contribute to a responsible agricultural industry using blockchain technology.
• Blockchain technology supports sustainable agriculture.

Blockchain technology is a decentralized and transparent digital ledger that records and verifies transactions across multiple computers. It operates on the principles of cryptography and consensus. The versatility of Blockchain, along with IoT, impacts various fields of science and business. It has a very diverse use. It has also been proven to work for agriculture. Blockchain has worked on multiple agriculture verticals, improving in many cases. Below, we have mentioned some important matters of Blockchain Technology in Agriculture.

Food Supply Chain

Blockchain can deal with the administrative hurdles that come along the way. Managing and automating the logistics would be fruitful and more efficient, ultimately boosting global commerce by 15% and GDP by 5%. Only blockchain can remove certain human errors that are inhibiting such growth.

Inclusion of IoT with Blockchain

Blockchain, along with IoT, automates the internal functions of farms with the least amount of human effort required. All the work is done automatically, resulting in a better standard of work.

• Connecting IoT Devices and Collect Data

Install and connect IoT devices like sensors, actuators, and drones. It will help you collect real-time data on crucial parameters like temperature, humidity, soil moisture, or animal health. IoT devices generate massive amounts of data. Use blockchain to securely collect, encrypt, and store this data on a decentralized ledger, ensuring its integrity and immutability. 

Controlling Weather Crisis

The weather change is at an all-time high. Predicting and transferring the data to farmers is a crucial element for farming, and it can be achieved by blockchain technology through its accuracy and fast transfer of data.

Cost Control

With the use of blockchain, unnecessary expenses are cut down on many fronts, be it logistics or on the farm, everywhere; blockchain eliminates the excess flow of money. IoT and blockchain make the systems automate, and the work done is most efficient and cheap.

Quality Control

Blockchain, along with IoT, works to conserve the product by accurately measuring the data and works for all the users in selecting the best time to transport, deliver and consume the product for farmer, retailer, and consumer, respectively, to avoid maximum spoilage and get the most benefit out of it.  

Fair Pricing

Blockchain eliminates the middleman. Smart contracts become the connecting bridge between buyer and seller. It makes the prices fair, and the negotiations are according to what the quality of the product is worth.

Crowdfunding

It simplifies the situation of farmers worldwide in terms of loans. Tokenization solves the transfer of funds which ultimately helps them to get a better quality raw product which will eventually make the quality of produce the best. 

• Best Blockchain Crowdfunding Platforms for Farmers

Farmers can create campaigns on crowdfunding platforms specifically designed for agriculture, such as FarmFundr, Barnraiser, or Kiva. These platforms allow farmers to showcase their projects, set funding goals, and reach a wider network of potential supporters. 

Promoting Sustainable Practices

Blockchain not only refuses the burden on the farmer’s business but also reduces the stress in farmers’ life, which in turn helps and motivates them to go for more thought-out processes, resulting in innovation in that field.

Betterment in Management Systems

Blockchain allows farmers to explore, as their land and software are secure. It will help in a more strong and flexible management system for the farm and its functioning.  

Corporate Social Responsibility(CSR)

It is now practiced more after the introduction of blockchain technology, being responsible for your environment. After the introduction of Blockchain in farming, farmers have a clear head space to work towards CSR, which would not only help the environment but also would help them build sustaining practices making the farms and farming better.

Conclusion

Blockchain technology has proven highly versatile and impactful in agriculture, offering various applications that improve efficiency, transparency, and sustainability. Farmers can enhance operations, reduce burdens, and contribute to a more sustainable and responsible agricultural industry with blockchain technology.