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Category: Blockchain

The Role of blockchain technology in agriculture & food supply chain

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Blockchain technology is an emerging digital technology that significantly helped ubiquitous transactions among distributed untrusted parties without the need for intermediaries like banks. 

 

For instance, Bitcoin- is a peer-to-peer electronic cash system that allows reliable financial transactions without demanding a trusted central authority like banks and financial institutions. 

Unlike other industries, the agriculture and food industry is also evolving towards blockchain technology. Innovating production techniques and technologies are used to meet demand through AI and food automation. 

 

Our findings highlight the fact that blockchain technology is a boon for agricultural industrial growth. 

 

What Is Blockchain Agriculture?

As per layman’s language, blockchain agriculture indicates the use of blockchain technology in the agricultural sector. To, improve the operation process and release confusion like recalls due to contamination, counterfeiting, increased regulatory requirements, matching changing consumer preferences, and increased global competition for profitable results. 

The use of blockchain in the agricultural industry ranges from sustainable business and waste reduction. Also, it informs client purchasing decisions and offers a smooth futuristic transaction with a transfer-proof gateway. 

 

Along with the advancement of blockchain agriculture, a new term has surfaced in the market, Smarty Agriculture. It includes utilizing ICTs (information and communication technology), blockchains, and modern technologies for covering environmental impact. 

 

How is blockchain used in agriculture?

You already know that blockchain integration is transforming the shape of the agricultural industry. But do you have any idea how it is used? 

 

Many companies are hiring blockchain development companies to transform industrial behavior. It secures and ensures ease of transaction. 

 

So, let’s acknowledge the uses of blockchain in agriculture. 

 

  • Farm Inventory management- Blockchain is a cutting-edge technology in inventory management as it offers to monitor the storage climate and keeps farmers informed about the expiry of products. It creates legitimate measures for farmers and agricultural practitioners. 

 

  • Enhanced agricultural supply chain- It expands the productivity of agriculture throughout the industry. It mainly benefits small to mid-scale farmers to avoid costly technologies to increase production proficiency. The future of blockchain integrates the ledger system that rapidly addresses all the components present. It also diminishes the cost of the farming cycle and improves overall yield efficiency. It benefits the supply chain with- 

Transparency-Security- Streamline Operations-Analytics-Customer engagement

 

  • Modernized Farm Management Software (FMS)- Blockchain also offers modernized FMS that can take real standards to a different level. It is security-based software that performs blockchain protection. Hence, farmers can relax over cyber hacks. 

 

  • IoT optimization security- It helps monitor the farm produce. To say, blockchain can optimize security with IoT devices. Also, these devices offer security & safety. It allows recording climate and land state, where some forecast natural calamities. Blockchain technology mainly defends IoT gadgets and supports superior networking systems. 

 

  • Microloan facility- Blockchain supports microloans mainly to small to mid farmers conveniently. Unlike banks, it doesn’t charge a high rate of interest and settles issues for good. It creates a global network of lenders from where farmers can easily take loans with small interest costs. 

 

  • Fair price distribution- Producers use blockchain technology to reach a wider audience. It creates an equal distribution of price and assures the value they deserve. 

 

Impacts of Blockchain Technology on Agriculture And Supply Chain

The impact of blockchain technology on agriculture and the supply chain is high. It brings breakthroughs in the agricultural sector with its high potential. 

 

Some major roles of blockchain technology include:

 

  • Gathering Information – Blockchain technology is used for solidifying data on the nature of the seed, tracking, harvesting, developing, and recording the crop journey after leaving the farm.  It also improves the transparency in supply chains with immutable record insights like creation to consumption. This information can improve data transfer through each progression of the supply network.
    Also, blockchain applications with appropriate approval can forestall illegal and unethical production. It enhances sustainability and food security. 

 

  • Tracking Pathways  – In the present scenario, there is proof that blockchain and big data innovations add food security globally. As per research, more than 94.32% of people always want to know about their food details.  The details can only be available with the help of blockchain technology. Companies bit a transparent process so that people can have crystal knowledge about their products, like area of origin, quality certificates, chemical and pesticide presence or not, production standards, and more.  Further noticing with the help of blockchain development services, many agricultural software development companies are enjoying benefits in the industry. 

 

  •  Data & food future  – Blockchain and other data innovations need to be decentralized for small farmers and rural individuals. It is because the execution empowers a sustainable and fair food system and permits buyers to settle on informed choices.  Sometimes, blockchain gives additional duty to the end users, along with some difficulties like restricted digital proficiency among global infrastructure constraints. This later can decide the decentralization. Similarly, blockchain coordinates more with food security advancement and improves social and ecological values among different groups.  The big data harnessing blockchain technology can improve the decentralized food distribution framework and uphold sustainable food creation with responsible food production.

 

What are the advantages of Blockchain technology in agriculture?

Blockchain technology highly beneficial in 2023, also, for the agricultural industry it is a boon. For instance, it can promote security, one of the best-distributed ways to perform transactions among different untrusted parties. It is the key element in agriculture and food supply chains. It satisfies all the actors involved from the raw product to the supermarket shelf. 

 

It is an advanced distributed ledger technology with the potential to enhance food safety. It brings together a diverse group of stakeholders like farmers, processors, retailers, and consumers in one place. 

 

Undoubtedly, with the combination of blockchain technology with IoT, it is now possible to generate, manage, and communicate data effectively. 

 

Further, this blog examines the impact of blockchain technology in agriculture and the food supply chain. 

 

Which agriculture companies use blockchain?

Many companies are still working with blockchain technology. Some of the top companies include:

 

  • Bumble Bee Foods- With blockchain technology this company improves product traceability while deterring acts of food fraud. From catch to sales, all the products are traced.

  • Nestlé- Nestlé used blockchain technology to approach and enhance product traceability.

  • Walmart- For digitizing the food product supply chain while enhancing Tech-Enabled Traceability and decreasing the time it takes to track the source of food contamination, Walmart uses blockchain.

  • Kraft Heinz- The tracking need of supply chain from farms to their production facilities. It is used for the same by Kraft Heinz. 

 

Conclusion 

Blockchain technology is really effective and beneficial for the agricultural industry. It is a game-changer and boosts the farming industry massively. Also, combing the food supply chain and agricultural chain can process the existing tradition. 

With the massive benefits and utilization of blockchain technology, there has been a continuous attempt at full adoption for a massive potential improvement in the agricultural sector. 

5 Blockchain’s potential to revolutionize the banking industry

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Blockchain is revolutionizing finance by creating a transparent and secure ledger of transactions. Blockchain seems to have a bright future in the banking sector. The services of banking comprise loan, mortgage, transaction, and payment services. Blockchain transforms current commercial practices. These services depend upon the legacy processes of execution. 

Let’s say, information like verification, long processing distribution of funds and credit score mostly takes  30 to 60 days to secure a mortgage. Blockchain in banking can smoothly streamline services by reducing the counterparties’ risk and settlement. 

Now let us understand why blockchain is the future of the banking sector.

 

In what ways blockchain impacts the banking sector?

In a report published by Jupiter Research, banks will be able to reduce costs by more than 11% by the end of 2030 through blockchain implementations:

  • Real-time verification of financial documents and authentication of KYC/AML documentation, reducing operational risks
  • Markets that predict and score credit instantly, based on user activity and sanctioned data collected across a network
  • Syndicates can be formed automatically, underwritten, and disbursed electronically, including principal and interest payments, reducing cost, delay, and friction in the syndication process
  • Digitization makes asset management, tracking, and enforcement of regulatory controls more efficient, facilitating collateralization

The Future of Blockchain: Key Vertical Opportunities & Deployment Strategies 2018-2030, argued that the bank that will use blockchain, achieve reductions in cost for payment processing and reconciliation.  Banks offer a wide range of opportunities for both retail and wholesale customers. Distributed ledgers are also useful for identifying and eliminating inefficiencies in fields such as real-time lending, smart contracts, property valuations and verification, as well as consumer benefit claims and refunds. 

  • The development of tailored financial tools for individuals; 
  • A provision for liquidity management, cash management, 
  • virtual portfolio management, and remittance management; 
  • Risk audits and controls for counterparties; 
  • Mitigating operational risks;
  • Compliance with regulations;

 

5 ways blockchain can revolutionize the banking sector

Blockchains are public databases that store digital information. In fintech, it is one of the most widely used technologies because it provides added security for a variety of financial transactions. Information about recent transactions can be stored in the blockchain, such as the date, time, and dollar amount. Five beneficial application of blockchain in finance industry or banking are discussed below-

  • Simplify complex process 

Commerce is a large ledger of data on software systems. They serve several parties connected with a single transaction. Blockchain puts all the relevant data of these parties in a common digitized infrastructure and allows efficient and faster execution of transactions. For, instance typical mortgage applications today involve the borrower, loan officer, and home valuer creating a paper trail. Using blockchain technology, all can update in ledgers instantly, automatically, and transparently.

  • Increases transparency and reduces fraud

Data in the blockchain is decentralized, unlike traditional bank ledger which works on a centralized database. As information is not located in one single place therefore all parties have complete transparency. If a data breach occurs, the parties with access to the blockchain can immediately notice fraud activity.

  • Carry out cross-border transactions in real-time

Sending money across international lines involves a wide setup process which includes anti-fraud checks, clearing of funds, and foreign exchange. Blockchain creates a cross-border network to exchange money at the speed at which information moves today.

  • No need for a middleman

Payment transactions rely on a central processing authority or middleman. The process requires time for settlement. But blockchain provides an immediate and transparent way for both parties to pay each other without depending on a Central structure such as a payment scheme or Swift.

  • Smooth customer verification process

Banking institutions spend on average $60 million a year on Know Your Customer (KYC) and customer due diligence, according to a Thomson Reuters survey. Storing information on KYC on a blockchain allows bankers to access customers’ information and share it with third parties like loan providers and insurers in an efficient way.

In the end,

In the future using of blockchain development services in banking poses many benefits to society. Additionally, you can explore Top 5 most Potential Blockchains Platforms To Explore in 2023.  The technology of blockchain is taken seriously by the banking sector as it can prove to be a great disruptor to the traditional banking industry the immutable centralized and temper-proof nature of blockchain make it ideal for streamlining everything from d reducing retail banking settlement payment and security issuance. A blockchain-based virtual currency can be used for much more than just private or monetary authority transactions.

Top 5 most Potential Blockchains Platforms To Explore in 2023

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The interest in blockchain platforms is growing as most people consider it a way of streamlining supply chains, better traceability, and improving financial transactions. The growing interest in blockchain started surrounding Bitcoin, one of the old bitcoin platforms. However, the demand for it started to fade due to its limitations like lack of scalability, immaturity, huge energy consumption, and so on.

Modern-day blockchain platforms have overcome them and give the required practical value for businesses. However, with the growing demand for blockchains, the number of blockchain development companies is also increasing. Take a look at a blockchain platform from the following lines getting rapid popularity.

 

Ultimate Blockchain Platforms You Should Use in 2023

 

Many next-gen blockchain development platforms are now ruling the market. Listed are the top nine among them with the best growth potential and a great future. Check out more details about them.

 

 # 1- Ethereum

It denotes a blockchain-powered global platform with a decentralized nature. It is the base of different technological blockchain-based advancements. It can be used to create a secure digital technology with the characteristics like scalability and security. Ethereum got introduced to the blockchain world in 2013 and is one of the established platforms. It can be compared to a Bitcoin blockchain network.

 

The main strength of Ethereum is it supports smart contracts. But weak points like slow processing and increased transaction fees need a mention also. It comes with a solid ecosystem of tools that write smart contracts using a solid programming environment. Also, it has a community of active developers of Microsoft, Intel, and so on.

 

Now, this community is looking for a shift to PoS ( Proof of Stake) from Proof of Work ( PoW) known for its energy-friendliness. Developers are going for this change to create a separate new blockchain type known as the Beacon chain. As per estimation, it will be able to reduce energy by more than 99%.

 

# 2- Hyperledger Fabric

The purpose of this tool set is to create a blockchain application. The presence of a rich set of components pluggable to a modular architecture is one of the features of this tool. Improved speed and security are there as it can perform well in a closed blockchain deployment. You can be sure of improved data privacy by separating transactions into channels. 

 

This network comes with a unique set of members or organizations that offers interactions on networks. The best benefits of using Hyperledger Fabric are it gets support from an active community. Besides, permission in its nature assures authenticity.

 

# 3- Tezos

Tezos refers to a blockchain network hosting that remains associated with the digital token Tez or XTZ. Tezos uses peer-to-peer transactions that are also used to issue digital assets.

 

Tezos facilitates the participation of users in NFT, DeFi, or decentralized apps. Tezos is based on the proof-of-stake mechanisms that help in validating blockchain transactions. After its development in 2014, this older platform supports different decentralized apps or financial instruments like NFTs. 

 

Tezos supports new uses by supporting upgradable protocols. The Tezos community is also increasing. Different improvements take place every day, and smart contract sizes are also increasing.  

 

Shell and protocol are two significant parts of Tezos. Shell is the code that depends on the user voting. It interprets transactions and other administrative operations. The protocol sends a proposal for review. Tezos separate crypto assets into two camps, like on and off-chain governance.   

 

# 4- IBM Blockchain 

It is a decentralized blockchain network that gets immense popularity, especially among enterprise clients. It is a comprehensive business-ready platform used for addressing the full lifecycle of a blockchain network. IBM blockchain developer tool is popular for its flexibility and customizable nature. 

The user-friendly interface of this blockchain performs even complex tasks like setting, testing, and deploying smart contracts with ease. IBM blockchain is neutral terrain as well that supports multi-party integration hub. Transparent and easy data sharing is not a big deal while using the IBM blockchain.

 

# 5- Steller 

One of the best decentralized open-source code-based protocols is Steller which transfers fiat money both across borders and domestically. Lumen is the cryptocurrency of this blockchain. Despite its two-third falling rate in May 2020, it has achieved the 11th position on CoinMrketCap. On March 25, 2021, the capitalization rate was around $8.3 billion.

 

This modern blockchain platform was optimized for different Defi apps. It uses a protocol, Stellar Consensus that delivers quick transactions on public blockchain networks. Security mechanisms also need a mention that identifies the doubtful users easily. Moneygram for money transfer is a prime example of it. 

 

Steller gives support to a distributed exchange mode that allows payment sending using specific currencies. Here the network supports Forex conversion. Steller lessens the transaction cost and time. 

 

So, these are the prime platforms a blockchain development company uses. Without wasting time, choose the right platform and tool that suit your needs. And to make the best use of blockchain development services, find expert blockchain developers only. Conduct detailed research on different blockchain development companies, check reviews and then find the best one.

Learn Everything You Need to Know While Hiring Blockchain Developers

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Blockchain technology was developed in 1991 but it came into effect in 2009 after launching the first blockchain-based cryptocurrency called Bitcoin. The complex nature of blockchain was hard to learn but as technology evolves things have become relatively easier. If you think to hire a blockchain developer, you need to understand its fundamentals from the beginning.

Why the need for blockchain developers is on the rise?

The demand for blockchain is increasing at a rapid pace. In 2016 there were only 5000 developers dedicated to writing cryptocurrency software but today the numbers are increasing tremendously. More and more people are learning to program blockchain as it is a promising technology with tremendous futuristic prospects.

In the first quarter of 2020 LinkedIn listed blockchain as one of the most demanding technology. It was the first year that blockchain was at the top of the list.  Today, blockchain software developers are in high demand and it’s going to be more in the coming years.

 

Why you must hire a blockchain developer?

In 2019-2029, blockchain developers are among the fastest-growing professions according to the US Bureau of Labor Statistics. According to LinkedIn, blockchain is a crucial skill that a developer must possess. A hiring specialist described blockchain engineers as the “dark horses” of 2019 and predicted an increase in demand for them in the future.

Full-stack blockchain developers are responsible for the following tasks:

  • The purpose of this research is to determine the client’s expectations and needs regarding the functionality of an application or platform.

  • Consider how blockchain technology can be used to upgrade existing platforms by evaluating new blockchain technology.

  • New blockchain applications should be developed (frontend and backend).

  • It is important to write code that is clean and effective.

  • A threat assessment (e.g., keys without protection, software without testing).

 

Is there a need for Blockchain Developers?

An individual who develops blockchain-related software is referred to as a Blockchain Developer. The role of a Blockchain Developer often overlaps with those of Software Engineers, Product Managers, Designers, and Data Analysts. You don’t need to hire all blockchain programmers for these roles in your organization, even if it’s beneficial to have all of them. Your project’s stage and the timeframe for its completion will determine how quickly you can start.

For hiring a blockchain developer, what soft skills should to look?

Hiring blockchain app developers is not an easy task. You need to check several skills. The skills required to become a qualified blockchain developer are diverse. It can be challenging to determine which skills are most important to pursue when starting a blockchain development career.

Candidates can learn some details about what employers look for by reading job postings, but these “requirements” tend to be tailored to each company’s requirements. There are many skills that a blockchain software developer must require but the most important four essential skills are-

  • Cryptography

    Blockchain environments require effective cryptography, so developers should have a strong understanding of wallets, keys, and digital signatures. Cryptographic hash functions like SHA-256 and Keccak-256 should be understood to prevent unauthorized access to data using public-key cryptography.

  • Data Structure

    Blockchains are cryptographic data structures. Two of the most popular types of blockchain databases are UTXOs (for Bitcoin networks) and accounts/balances (for Ethereum networks). To develop a blockchain, developers need to have a good understanding of these concepts and how data structures work.

    Computers use algorithms to perform tasks. Problems are solved and tasks are performed with them. In the blockchain industry, consensus algorithms such as Proof of Work, Proof of Stake, and Delegated Proof of Stake are popular.

  • Smart contracts

    Contracts self-executing own are known as smart contracts, and it offers secure multi-party agreement solutions using a blockchain network without any intermediary involvement. Developers should understand how smart contracts enforce business logic, and what they are in blockchain implementations.

    A blockchain developer should also know how to program smart contracts using programming languages such as Chaincode, Solidity, Rust, JavaScript, and Vyper.

Blockchain Interoperability Skills

For a blockchain to operate effectively, it needs to be interoperable with other blockchain protocols. The use of different blockchain networks is made easier by the ability to interact between different chains and share data. 

Let us take an example of emails. Daily, emails are received and sent. But one of the significant functions of the email system is the Outlook account. Someone with an Outlook account can send emails to a Gmail account holder.

The most fundamental way to accomplish interoperability between blockchains is a seamless and effortless data transfer process. It is accomplished by using the application programming interface which is to be developed to exchange information with each other.

However, the new projects are working on these ideas and trying to build platforms so that better communication could be built without any inconvenience.

 

Final Thoughts while hiring Blockchain Developers in 2023

More and More businesses will adopt blockchain technology in 2023. So you need to filter the applications of blockchain developers in a more sensible and conscious manner.
Blockchain requires a wider set of deep analytical skills and greater problem-solving capabilities.

As you build your understanding of the behavior of Blockchain developers including their work output, you’ll surely be able to handle your team of blockchain developers and your company will function in a more synchronized way.