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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. 

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.

Why is web 3.0 important for modern businesses?

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With time Internet Technology has evolved vastly and become better and best. In the beginning, the internet was named web 1.0, later with the demand for new technology, it evolved into web 2.0 with better features. Lastly, it has evolved into a web 3.0 version.

Web 3.0 is the third generation of internet and web technology. Undoubtedly, this is full of features and will continue to cater to the requirements of the future global generations including the current millennials. Being the new and advanced technology businesses prefer this to the best. Businesses compete in the global versatile market effectively with the help of Web 3.0 technologies in their applications.

To learn the impact of Web 3.0 on businesses in detail, you can read this blog. Here, we elaborated on the importance of the new and advanced internet technology. So, let’s start by understanding what is this new technology all about.

 

Evolution of the World Wide Web since its inception –

 

What is Web 1.0?

Since 1960, Web 1.0 began as a static form in the global world of the Internet. It raised the introduction to text browsers like ELISA, followed by HTML, more appealing to the eyes. The first visual browser includes Netscape and Internet Explorer. It grew the evolution of the WWW. Moreover, it is a content delivery network (CDN) that ensures the display of information in the browser.

What is Web 2.0? 

With time and the growing demand of the public, Web 2.0 came into being. It was coined by Tom Oreilly in 2004. Being the 2nd generation of website module, it highlights specifications of web 1.0. The difference is present in the use and design of the website. It doesn’t change and affect the review’s technical specification but improves it to guarantee better usage. It ensures interaction and collaboration in social media and creates user-generated content in the virtual community. Web 1 is the accurate version and Web 2.0 is the social web.

 

What is Web 3.0? 

Now the next and last updated evolution of the Internet occurs in 2006. The popular Web 3, or third generation of Web. It mainly suggests robust improvements in web usage and the interaction between different paths. It is an advanced and improved web guaranteeing good communication between different paths. It includes a semantic web that promises to make ‘world information’ more meaningful than Google’s current design.

 

A short glimpse of Web 3.0!

 

Modern web technology offers greater utility to users. Addition for this it witnesses the vision of a decentralized and open web. So, it performs effectively working in the internet’s core information retrieval system. It benefits in many ways and ensures transparency with high security and accountability at the forefront.

One-stop Solution For Enhanced Blockchain is Web 3.0. It is the same technology that powers Bitcoin in the modern world. The common decentralized ledger system (DLT) hides data from many computers instead of storing it on one server.

Undoubtedly, it is the most efficient and accessible mode of sharing and storing data. It benefits those who need it the most.

 

Why do businesses prefer Web 3.0? 

The world is moving towards a future world without any boundaries. All people can easily connect through virtual platforms. Web platforms from 1.0-3.0 introduce the benefits to businesses. Web 1.0 originated from personal computers and the internet. Web 2.0 introduced the era of social media and social networking websites.
Also, Web 3.0 is the next level of the Internet that introduces blockchain technology and decentralized application.
It raised the blockchain-based platforms that decentralize pretty much every aspect of our lives.

Businesses use the internet to make it more user-centric and transparent. In the event of a data breach, user data governance will be completely overhauled.

 

Benefits of Web 3.0 to scale your business to the next level

 

  • Data Ownership- Technology behemoths have been controlling and exploiting user data for years. Blockchain technology provides Web 3.0 where end users are in charge of their data and take full ownership of it. Businesses and advertising companies can share user information and make money with it.

 

  • Anti-monopoly and data protection- Features of Web 3.0 include professional and data protection models. By not centralizing its operation, it allows users to maintain control over their data. Apps can be further decentralized and privacy is protected as a result of the frontline shift. The monopoly of technology behemoths is done and dusted with technological advancement. It does not allow any breach of data and users can control how the data is viewed and performed.

 

  • Easy access to information- The new internet platforms help businesses by boosting their customer satisfaction. Yes, users and customers can conveniently access any kind of information. The technology also advanced smartphone and cloud application usage.

 

  • Seamless Service- The updated and modern internet, Web 3.0 offers the most seamless service. It reduces the suspension of accounts and the rejection of distributed services. With zero predetermined breaking point, the certainties are abolished. It protects large distributed notes to store redundant data. Despite its seamless nature, it prevents server hijacking and failure.

 

  • Permissionless blockchain- Web 3.0 is free from central power. Here anyone can participate and create an address. The network is free and reliable. The blockchain eliminates the criteria like gender, income, geographic location, and other social factors. Hence businesses enjoy an inexpensive transfer of digital assets and assets across borders.

 

Web 3.0 is the most beneficial form of network. It offers businesses the best web 3.0 applications with its decentralized and semantic web features. Not only that, it offers businesses various other features like an introduction to blockchain, 3D graphics, Fast connectivity, ubiquity, and online payment gateways with Artificial Intelligence (AI).

 

Bring a constant change with Web 3! 

The Internet is a vast platform that has changed the world for better outcomes in ways. It brought up a new semantic and decentralized web called Web 3.0. Companies streamline their operations by cutting down the middleman.

Although, Web 3 allows direct computer connections and secures the data in its network. So, businesses enjoy a lot of benefits from this network. Lastly, it is vital for businesses as it is the one-stop solution for enhanced Blockchain & Web 3.0 technologies.

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