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Agriculture

Why Blockchain for Agriculture?

Digital agriculture promises to optimize yields for farmers, but what happens after the crops leave the farm?
Running the supply chain on a blockchain offers the following opportunities in agri-business:
 

  • Increase transparency in product traceability to reduce waste and ensure consumers get food at peak freshness
  • Improve data accuracy, security and consistency across the supply chain with blockchain’s distributed ledger technology
  • Enable data immutability to increase trust for all parties involved

How Blockchain Works in Agriculture

The blockchain can connect any number of entities on a single, shared, immutable ledger, replacing disparate systems and improving security, traceability and efficiency.

Use Case 1: Traceability from Seed to Shelf

Now

The supply chain is incredibly long, involving multiple parties utilizing their own siloed tracking solutions. Transparency in logistics is limited and customers often don’t know where their food comes from.

With Blockchain

From seed to shelf, a blockchain-based supply chain solution tracks goods with unique identifiers (QR codes) that are scanned at each location to create a digitally traceable end-to-end journey.

Use Case 2: Compliance & Quality Control

Now

Data from IoT devices is stored privately, and there is no publicly accessibly source of proof that a product was grown, stored and transported according to quality standards.

With Blockchain

Critical data from IoT devices is stored on the blockchain, and all parties have optimized, permissioned access to the quality and compliance data they need.

Use Case 3: Inventory Management

Now

Most inventory systems run on old databases relying on linear data entry, making the accuracy of inventory data difficult to verify without expending manual effort.

With Blockchain

Scanning unique identifiers (QR codes) on each batch/product triggers transparent updates to the blockchain-based inventory system, where data is stored securely on a distributed ledger. 

Use Case 4: Trade Finance

Now

There is no real-time visibility into communications between importers/exporters and issuing/advising banks. Document exchange between parties is manually executed, and errors made during Letter of Credit (LC) submissions cause significant delays in LC issuance and amendments. 

With Blockchain

Managing all communications and exchanges on the blockchain provides transparency for all parties involved. Smart contracts provide improved cash flow with automatically triggered payments once terms are met.

Have a Use Case Not Mentioned Above?

If the blockchain use case you had in mind isn’t listed here, please let us know and we’ll explore its potential for your enterprise with you!

Learn More about the Benefits of Blockchain in Agriculture

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