Photo by Dan Meyers on Unsplash
While many first thought of blockchain for digital money, it’s now changing many fields, especially farming. It’s shaping every step of how we farm today, from planting seeds to getting food to our tables.
Here are some intriguing statistics on blockchain in the agriculture and food market:
- 45% – an estimated compound annual growth rate (CAGR) of the blockchain in agriculture and food market size between 2023 and 2027, from $0.41 billion to $1.92 billion.
- 50% of the world’s top 10 food companies were already using blockchain in 2021.
- $31 billion – that is the projected savings for the global food industry by 2024, thanks to blockchain’s ability to track food through the entire supply chain and reduce fraud.
Companies like Keenethics https://keenethics.comare spearheading this shift, bringing innovative solutions to farming and food distribution.
10 Transformative Effects of Blockchain in Agriculture
With all these exciting numbers and tech-talk, you might be wondering: How is blockchain really changing our farming and food? Well, it’s creating some truly impressive changes in agriculture. Here are ten key ways it’s making a difference:
Enhanced transparency
With blockchain, there’s a clear view of the whole farming process. Blockchain lets people see where their food comes from, starting at the farm and ending at their plate. This clear view builds trust, makes sure everyone is honest, and helps people choose wisely about the food they buy.
What it means for people: Scan a fruit’s QR code in a store, and you’ll see its journey, much like tracking an online order.
Streamlined supply chains
Blockchain smoothens food supply paths. By noting down details at each stage, from farming to selling, it cuts down wait times and gets fresh goods to shoppers faster.
What it means for people: Quicker deliveries mean fresher produce in your shopping bag.
Improved food safety
Blockchain steps up food safety and public health. By offering real-time tracking and fixed records, it spots and halts bad food fast and stops dishonest folks from slipping in fake products.
What it means for people: Your phone could alert you about food issues, thanks to the speedy problem-solving of blockchain.
Simplified crop insurance
With blockchain and its smart contracts, farmers get fast and fair insurance claims. These contracts run by themselves when set rules are met.
What it means for people: Clear payout rules mean no long arguments between farmers and insurance firms.
Smart agriculture
Nowadays, farmers turn to gadgets like sensors placed on tractors, balers, barn fans and other types of equipment and drones to get to know their fields and crops. With this info, they can grow more and waste less. And with blockchain, all of this is open and safe for everyone to see.
What it means for people: Think of farmers using tools to grow food as easily as you use a phone app.
Faster transactions of agricultural products
Blockchain quickens sales of farm goods online while keeping data safe. It also lowers costs, fosters trust, and lets farmers earn more and reach more online buyers.
What it means for people: Farmers selling online get their money as swiftly as your online shopping checkouts.
Efficient payments
With blockchain, there are fewer middlemen and faster, safer payments. This means quick pay for farmers and a streamlined money flow in farming.
What it means for people: Think instant cash, much like speedy mobile app payments.
More secure land records
Blockchain gives a digital safety net for land records. This can’t be changed and clears up ownership, avoids false claims, and aids easy land trades, all while safeguarding farming land rights.
What it means for people: Think of a digital safe for farmers’ lands, keeping everything accurate and secure.
Increased sustainability
Blockchain is a friend to green farming. By showing everything clearly, it stops harmful actions and promotes getting things from good places. This means we’re smarter with what we use, and we make less trash and pollution.
What it means for people: Using and buying eco-friendly goods is a step toward a green planet, just like home recycling.
Easy IoT integration
Pairing blockchain with smart gadgets is changing farming. It boosts data quality, trust, and automation and offers real-time monitoring, full supply chain views, resource planning, and smart predictions.
What it means for people: Farms are getting smarter, much like tech-filled homes.
Keenethics is a top software firm skilled in blockchain. This team knows blockchain inside out. They have a long track record of creating top-notch blockchain tools for areas like farming, health, and money. They’re there to help businesses craft the finest blockchain apps.
The Bright Future of Farming
Blockchain is weaving its way into many parts of our lives. It’s not just about quick and safe trades; it’s brightening our food world, guiding us to be smarter with resources, ensuring our health, and supporting a cleaner planet. Blockchain isn’t just a passing cloud. It’s making sure every seed counts and every farmer enjoys a rich harvest.
