Blockchain has always been about cryptocurrencies and bitcoins though it has touched a wide realm of other industries. The most popular of them has been peer to peer applications. This is likely to disrupt mostly all industries in the future, with the most unexpected application of this being the agricultural domain.
The agriculture industry has not seen much revivals in recent years. The industry has been chequered with financial crisis with the middlemen getting the most out of the sales of farm produces. Farmers are literally left in penury. Blockchain can check these disparities and impact the agricultural sector in a number of ways. Some of them are as follows:
Ensure the quality of the produce
One best example of exploring the potential of blockchain is in ensuring quality. Quality assurance is a process every business undergoes.
The farm produces can be traced and evaluated on the basis of a number of data, which is based on a number of factors. It includes the details of where it comes from, the soil texture, the regularity of the tilling of the soil, the type of insecticides used and the conditions of growth. This would more or less speak about the quality of the farm product. Recording this data would help experts notice this agricultural product. And this can raise the market value of the produces.
Blockchain can help in the distribution of energy through small energy grids. Electricity can be produced in these units using solar power or wind and can be distributed and monetised according to usage. Regions with large farm tracts probably run without power for days on end. Power failures can be tracked and the provided to areas where it is required. This tracking and distribution system would provide a solution to the looming power crisis in these areas. This, in turn, would enhance productivity and efficiencies.
Keeping Track of Supplies
The farm produces can be directly sold to the consumers. Suppliers can keep track of their supplies and be updated on the market value of their produces and avoid being misguided by middlemen in the process of selling their produces.
Keep information safe
Every company works and operates on data. There is confidential data that has to be kept safe and secure. In any industrial segment, a company’s survival will depend on the ‘useful information’, it processes and optimizes. This can be applied to the agricultural industry as well. Useful data can be stored, retrieved and utilised by others from a safe vault to enhance productivity and improve efficiencies.
With IoT and a number of devices connected to it for data acquisition and processing around the world, the amount of data collected has increased exponentially. IoT is improving every day but embracing IoT without proper security checks will be suicidal with information of high-value vulnerable to hacks.
Perhaps a country like Japan which has a good number of manufacturing units would create a milestone in converting their expertise to data and save it in a secure blockchain. And companies from over the world would find great use with the utilization of this data bringing about a revolution and refinement in this industry as never envisioned.
And the safekeeping of this data can be ensured through none other than Blockchain, where the access to data is strictly monitored and secure.