The most common application of blockchain technology can be found in the financial sector in form of cryptocurrencies. However, cryptocurrencies and other financial applications of blockchain technology are just a tip of the limitless potential of this emerging tech. Blockchain has found use cases in other sectors like the food and agriculture sector. New research has revealed that blockchain technology significantly improves the supply chain of food and other resources in the sector.
Blockchain Technology In The Agriculture Sector
According to an industry research report by Market Watch, major brands like Nestlé S.A, IBM, Alibaba Group, Foodcoin Ecosystem, Ambrosus, AgriChain, Walmart, Tyson Foods, Origin Trail, Project Provenance, Bext 360, Ripe Technology, Coin 22, The Kroger and Deere & Company are all championing the integration of blockchain technology in the food and agriculture market.
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Some of the reasons why there has been an increase in the global integration of blockchain technology in the food and agriculture sector are traceability and transparency in the supply chain. Blockchain-based systems improve trust throughout the supply chain process. It ensures accountability and helps in the verification of products. Deploying blockchain technology in the agriculture sector dramatically reduces wastage in the supply chain as well as offer stakeholders capital growth opportunities. Everyone involved, from the farmer to the retailers have a benefit to enjoy.
Specifically, the research showed that the global blockchain integration in the agriculture sector will grow by 45% annually. If this prediction comes to past, it would be a matter of time until every stakeholder in the agriculture sector in the developed world will start investing in blockchain technology for enhancing the supply chain.
Blockchain technology is finding new use cases every day. As research and development into this emerging technology continue, more use cases will come to light. Sectors that will benefit the most from the technology are financial, supply chain, and data management sectors.
Do you think the deployment of blockchain technology in the agriculture and food sector is going to gain massive adoption in the next few years? Share your thoughts in the comment section.