Need For Supply Chain Transparency To Drive The Global Blockchain In Agriculture Market Growth
A technological database, Blockchain is where one can record and connect all of the transactions with the assistance of cryptography, and each of the logged transactions is interconnected with the earlier one. The implementation of the blockchain in agriculture market is projected to stimulate the transparency between the cultivators and these farm products’ users, such as end-users or manufacturers. The food and agricultural organizations, with the help of blockchain technology, can log, scrutinize, and obtain real-time food product data within the supply chain. This logged data cannot be changed by any of the shareholders making it most secure for all transactions.
The agriculture and food segments are being revolutionized by the blockchain technology by improving the decision-making abilities of businesses. As per the survey, each year around one-third of the globally produced food is wasted that demands a requirement to calculate and handle the actual demand and supply of food products in order that the needy obtain these products. These problems can be efficiently and simply dealt with by utilizing the blockchain network effectively. The blockchain in agriculture market is projected to expand because of the rise in the requirement for supply chain transparency among the food and agriculture segments.
Further, because of several food fraud cases occurring globally, which comprise the 2011 pork scandal in China and the 2013 horsemeat scandal in Europe, the customers are soliciting to discern where their food originates from. Thereby, the rise in demand for recognizing the food origin from the customer’s side, the global blockchain in agriculture market is anticipated to witness a considerable spur. Nevertheless, the vagueness in standards & regulations and the restricted accessibility of technical skillsets for the execution of blockchain technology are few factors expected to obstruct the expansion of the global blockchain in agriculture market in the coming period.
In addition, pilot projected have been initiated by a number of organizations like Nestlé (Switzerland) and Walmart (US) with the blockchain technology solutions offered by IBM (US) to assure food safety and fast food recalls in any contamination situations. Besides IBM, there are also other major contenders like SAP-SE (Germany) & Microsoft (US) and small players like Provenance (UK), OriginTrail (Slovenia), and AgriDigital (Australia) that offer solutions and platforms for total trackability of food products throughout the supply chain. To cite, in March 2019, a new blockchain platform was introduced by Eka Software Solutions Pvt Ltd for coffee farmers located in the Indian region. The launch of this platform will allow a number of farmers and users to shun the waste and offer a dedicated region for the sales of their commodities.
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