How is the Blockchain – Adoption In Agri-Food Industry changing the market? by andrewthomas · November 4 Cheap Puma Rihanna Shoes , 2019
After proving its mettle in the cryptocurrency world, Blockchain has disrupted various other industries such as automotive, BFSI, transportation Cheap Puma Fenty Shoes , healthcare, etc. Blockchain is also being used in relation to agriculture supply chains, land registrations and digital IDs. The blockchain technology which initially made to bring into existence a more centralised financial system is currently finding innovative uses in a variety of applications.
The聽blockchain adoption in the agri-food industry聽has been acting a game-changer in the field. With the adoption of blockchain technology, the decision-making process concerning the funding of the agricultural projects will significantly speed up and hence Cheap Puma Sneakers Shoes , help in the development of agriculture.
With the growth in population and the higher demand for food, especially high-quality organic products, the agricultural sector is currently facing a lot of pressure. With the arrival of blockchain technology, problem-solving gets easier.
Due to the growing awareness among consumers Cheap Puma Basket , they now want to know the origin of their food even if they have to cash out extra bucks for it. However, conventional certification can be falsified. But with blockchain technology in the business, it makes it impossible to tamper with the data. Now, consumers can get to know all the information of the food right from where the poultry was born Cheap Puma Suede , its living conditions to when it was slaughtered just from the QR code on the label.
Apart from helping with the food traceability, it can also help with fraud prevention. Since once data is fed into the blockchain it becomes immutable, any unstipulated price increment or reduction becomes impossible as well as any other ploys of profit.
With the adoption of blockchain technology, farmers don鈥檛 have to wait for months for payments after they have made their supply of products. Once the farmers fulfil their obligations Cheap Puma Rihanna , they supply products and thus they receive the money immediately.
Blockchain in the agriculture market is now represented on the stock exchange as well. Due to this, farmers can now trade futures contracts where the prices for vegetables & fruits, grains and livestock remain fixed. Thus, in this way Cheap Puma Fenty , a farmer will get its indicated cost and a buyer will also be immune from the price fluctuations.
Most of the people are currently familiar with Bitcoin as a cryptocurrency, but there is another cryptocurrency, which was specifically developed for the agricultural sector, known as PavoCoin.
The adoption of blockchain has not only made it possible for the consumers to track their food origin and safety but also has helped farmers get all the information regarding the raw materials they buy and all the possible adulterations it might have gone through to produce better safer crops.
Large companies who occupied the agricultural niche around the world could dictate their terms and set their prices and determine what the farmers will grow the next season. It was practically unprofitable for the farmers Cheap Puma Sneakers , but their hands were tied since they were more dependent on large corporations. But the聽blockchain adoption in the agri-food industry聽has changed the game. Thus, the adoption of blockchain technology in agriculture has changed the game of the industry.
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(500 words)
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