Blockchain technology has received a lot of attention since its inception thanks to its unparalleled features such as immutability and transparency. This cutting-edge technology provides robust solutions for a majority of problems being faced by each sector, and the agriculture sector is no exception.
What is Blockchain Technology?
In simple words, this emerging technology is built on the concept of DLT (Distributed ledger technology), which allows data uploaded into the system to be fanned out amongst all users. Thus, it eliminates the need for intermediaries or middlemen in transactions, making data more transparent and immutable once entered.
• As it is usually observed that registration of land title is a highly complicated process, but with blockchain technology, the scope for any kind of illegal act in registration is negligible.
• With the help of this revolutionary technology, farmers can track their produce along the agri-supply chain. Even they can monitor minute details like where the produce has been sold and at what price.
• Assists farmers in collecting real-time data to manage their harvests effectively.
• Blockchain technology can assist in disseminating reliable information at each step in the food supply chain, thereby increasing trust among consumers to purchase products from verified farmers.
• To add on, the unaltered data saved by blockchain can give accurate information with respect to the origin of the food stuff right from its origin to the store.
In short, blockchain is a revolutionary technology that can provide lasting solutions to the unprecedented problems faced by the agriculture industry worldwide. It is able to reduce inefficiencies and promote optimum utilisation of scarce resources in the agri-value chain.